Ethereum Outflows Hit Record High On Exchanges, Claims Glassnode Data

Author: Sohrab Khawas

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    Since July 13, Ethereum has gained around 65% as the currency has reclaimed its $1,600 price level.

    Now, an analytics firm, Glassnode claims that exchanges are witnessing a record high outflows of Ethereum alongside the price surge.

    As per the analytic platform, when looking at Ethereum’s weekly moving average, the exchanges have seen an outflow of 65,319.938 Ethereum, marking it as an all-time high.

    Previously in May 2016 was the last seen outflow peak that was positioned at 58,072.356 Ethereum.

    Currently at the time of publication, Ethereum has seen a leg up by 8.25% as the currency is selling at $1,626 in the last 24hrs. Also when the last seven days performance is considered, the lead altcoin has surged by 32%.

    Basically, the total outflows is an indication that traders and investors are withdrawing their holdings from centralized exchanges, in turn pointing towards accumulation.

    Meanwhile, the Glassnode data also states that there is an outflow volume of 13-month high of 29,822.996 ETH in terms of Ethereum’s weekly moving average.

    Furthermore, the stats claims that the exchanges have witnessed Ethereum holding balance hitting a record low of 19,101,804.604 ETH, last seen 4 years back.

    Ethereum Transactions Too See A Record High

    Besides this, the analytical firm also says that while Ethereum price is enjoying its bull run, there is an increase in Ethereum transactions that hit a 1-month record high of 48,609.702 when ETH’s weekly moving average is taken into account.

    Meanwhile, while noting the addresses that hold Ethereum, Glassnode reports that this indication has hit an all-time high of 84,264,124 yesterday, July 21.

    Also when the number of accounts that has 1+ ETH has seen an all-time high of 1,559,794.

    However, though Ethereum is on a bullish pattern, the price is still down by 68% from its November 2021 all-time high.

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