Crypto exchanges witnessed a sharp surge in Ethereum outflows in the past week as nearly $5.7 billion worth of ETH left prominent digital asset trading platforms. During the mentioned period, inflows came in at $4.8 billion.
According to Glassnode’s data, Ethereum whales accelerated the movement of the world’s second-most valuable digital currency from crypto platforms to digital wallets. As far as the ETH network is concerned, the total number of ETH whales has increased in the recent market correction.
290,162 Ethereum addresses now hold at least 10 coins, which is the highest level since January 2021. “Number of ETH addresses Holding 10+ coins just reached a 16-month high of 290,162. The previous 16-month high of 290,126 was observed on 22 May 2022,” Glassnode noted.
While whales remained unaffected by the latest market dip, the overall transaction activity across the ETH network has decreased significantly in the past 4 weeks. “Number of Ethereum transactions (7d MA) just reached a 1-month low of 44,612.196. The previous 1-month low of 44,618.917 was observed on 09 May 2022,” the crypto analytics platform added.
Ethereum Exchange Flows
Exchange inflows and outflows have had a significant impact on the price movement of Ethereum and other crypto assets in the past few months.
Commenting on the recent crypto market correction and the role of exchanges, Simon Peters, the Market Analyst at eToro, said: “While the market faces its first sustained ‘jitter’ in nearly two years (mirroring the S&P 500 in the bear market territory), it’s fair to expect there will be testing times ahead for many assets. The role of exchanges will be more pivotal than ever in helping budding investors reduce risk by providing access to those projects with the strongest use cases, as the squeeze on the cost of living starts to really bite disposable income.”
