According to a new report from Santiment, a platform that analyzes Bitcoin and altcoin movements, a large amount of Ethereum (ETH) came out of exchanges last week. Meanwhile, institutional investors also seem to be selling their ETH. Here are the details…
Major transfer in the leading altcoin ETH
A new report by Santiment revealed last week that 1.2 million Ethereum worth more than $2 billion hit crypto exchanges. shows that it has been transferred. As we have reported as Kriptokoin.com , since 2020, there has been a trend of ETH withdrawals from exchanges. Santiment’s latest data shows that this is reversed. According to a report by Santiment, ETH, along with other cryptos, seems to have entered a period of correction after performing very well at the beginning of the year. As of now, ETH is losing 50 percent per year.
📊 $2.21B worth of #Ethereum has moved back to exchanges over the past week after a long-term exodus of coins moving off of exchanges, dating back to August of 2020. This is the most sustained upswing in $ETH being moved back to exchanges since May, 2021. https://t.co/EPKbgVKxyT pic.twitter.com/UmuDg2wnEv
— Santiment (@santimentfeed) June 2, 2022
A separate statement by Santiment, It shows that while cryptos like ETH are experiencing a sharp increase in transfers to exchanges, the risk factor is increasing. The profitability of both ETH and BTC fell last month, hitting a 30-day high after the impact on Wednesday’s SP500 stock index. However, current market dynamics showing a level of recession may initially be an indication of a crypto winter. At the moment, it is not yet clear how this dynamic will affect the market or whether it will continue to affect it.
😒 #Bitcoin and #Ethereum gave up the profits that it had been enjoying since the weekend after the #SP500 wobbled to a loss Wednesday. The "profitability line" was crossed for our 30-day MVRV metric, indicating that risk had temporarily jumped higher. https://t.co/n0ZvUCngZX pic.twitter.com/ocbKC2N7G3
— Santiment (@santimentfeed) June 1, 2022
CoinShares report: Institutional investors have lost confidence in ETH lost
Meanwhile, CoinShares, which shares weekly data for institutional investors, also known as “smart money”, also shared interesting data for ETH. CoinShares’ report earlier this week shows that institutional investors are losing confidence in Ethereum. After a heavy market crash last week, institutional investors were bottom-hunting but decided to sell Ethereum and increase their investment in other altcoins.
According to a survey by CoinShares, institutional investors, namely smart money, have moved out of ETH to Ripple (XRP), Cardano (ADA) and Polkadot (DOT). increased its allocations. At the time of writing, ETH is changing hands at $1,831, down 5.3 percent.
