$390M In Ethereum Leaves Exchanges—Biggest Daily Exit In Over A Month
Summary
Ethereum experienced its largest daily withdrawal in over a month, with net outflows exceeding 140,000 ETH (approximately $390 million) from exchanges. This trend indicates that outflows surpassed inflows, suggesting holders are accumulating ETH, which could be bullish for its price. The Ethereum Exchange Netflow metric showed a significant negative spike, reflecting this withdrawal activity. Concurrently, cash-margined Ethereum Futures Open Interest reached a new all-time high of about $20 billion, indicating increased leverage as traders utilize stablecoins for positions. Despite briefly surpassing the $2,800 mark, Ethereum's price has retraced to around $2,750.
