After the Ethereum ETF news faded, there was a record level of ETH outflow from central exchanges.
These days, when the cryptocurrency market seems stagnant in general, serious developments are taking place on the Ethereum side. Ethereum had risen due to the ETF news and was on the agenda.
However, the decline began for Ethereum as ETFs fell short of expectations after launch and the news flow lost its effect. ETH decreased in price as well as in on-chain data. The amount of ETH issued from central exchanges has reached the highest level since August.
Ethereum (ETH) outflow from exchanges broke a record!
Ethereum (ETH) experienced its largest centralized exchange outflow since August 21, 2023, according to data from Santiment. 110,000 ETH worth $181 million were withdrawn from central exchanges. In parallel with these data, there was an increase in the ETH supply on decentralized exchanges.
The supply on decentralized exchanges reached 115.88 million, Ethereum’s highest level. At the same time, the lowest supply of the last 5.5 years was recorded in central exchanges.
Santiment’s data revealed that Ethereum investors are withdrawing their assets to cold wallets or avoiding centralized exchanges.
😮 #Ethereum saw about ~110K $ETH ($181M) move off of exchanges Wednesday, the largest outflow day since August 21st. The amount of non-exchange Ethereum now sits at an #AllTimeHigh 115.88M $ETH, while its exchange supply is at its lowest in ~5.5 years. https://t.co/PUOWGt0KS0 pic.twitter.com/u54pp6LZij
— Santiment (@santimentfeed) October 5, 2023
In addition, the ETH price returned from the $ 1,531 level and reached the $ 1,600 band again. Currently moving around $1,630, ETH continues to gain strength from the $1,605 support.
