Inflow of ETH on Exchanges Rise to a New Three-Month High

03/16/2023 16:44 • Daily Digest • 82 views

According to reports, Glassnode data shows that in the past hour (7d MA), the inflow of ETH on the exchange reached 20679.483 ETH, a new high in three months.

In the past hour, the inflow of exchange ETH reached a new high in three months

Analysis based on this information:

The crypto market has been witnessing a series of ups and downs, with Bitcoin and Ethereum being the most affected by the current market situation. While Bitcoin’s price has been consistently falling, Ethereum started to recover in recent days. Despite the recent price rise, it seems that investors are still cautious about holding onto their assets. Glassnode, a blockchain analytics platform, reported that in the past 7 days (moving average) there has been a higher inflow of ETH on exchanges, which has reached a new high of 20679.483 ETH.

The inflow of ETH on exchanges is generally considered to be a sign of increased selling pressure, as investors move their funds from private wallets to exchange wallets to sell them. The new high in the inflow of ETH on exchanges could be interpreted as a sign that traders are taking advantage of the recent price increase to cash out their holdings.

However, there could be other reasons for the rise in ETH inflow on exchanges. For example, the inflow could be a result of investors who want to buy more ETH and are moving their funds from other cryptocurrencies or fiat currencies to exchanges to make purchases.

Another possible explanation could be the rise in DeFi activity. Ethereum is the backbone of the DeFi ecosystem, and the recent rise in DeFi activity could have attracted more investors to move their funds into ETH. They are using them to participate in various DeFi platforms and earn high yields.

As the crypto market continues to remain volatile, it is difficult to predict the future direction of ETH. But the rise in the inflow of ETH on exchanges is definitely a signal that investors are keeping a close watch on the market and making decisions based on the current situation.

In conclusion, the rise in the inflow of ETH on exchanges to a new high in three months is an indication of increased selling pressure, but could also be a sign of increased buying activity or DeFi-related transactions. The market needs to be closely monitored to see how this trend will affect the overall price of ETH and other cryptocurrencies in the coming days.

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Inflow of ETH on Exchanges Rise to a New Three-Month High

In the past hour, the inflow of exchange ETH reached a new high in three months

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