{"id":473845,"date":"2021-10-15T19:00:32","date_gmt":"2021-10-15T19:00:32","guid":{"rendered":"https:\/\/ktsl888.com\/?p=473845"},"modified":"2021-10-15T14:47:57","modified_gmt":"2021-10-15T14:47:57","slug":"ethereum-explode-400000-eth-coinbase","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-explode-400000-eth-coinbase\/","title":{"rendered":"Ethereum Looks Set To Explode As 400,000 ETH Exits Coinbase"},"content":{"rendered":"
On-chain data shows crypto exchange Coinbase saw a withdrawal of 400k Ethereum yesterday. This could be a sign of activity from institutional investors, and could prove to be bullish for the coin.<\/p>\n
As pointed out by a CryptoQuant post<\/a>, about 400k ETH (1.5 billion at the current exchange rate) was withdrawn yesterday from the crypto exchange Coinbase.<\/p>\n The indicator used here is the Ethereum outflow<\/a>, which shows the total number of coins exiting wallets of the exchange.<\/p>\n When the metric shows a big spike, it means a lot of ETH was withdrawn from the exchange. Investors usually take out a lot of coins to either hodl them or to sell them through OTC deals.<\/p>\n So, constant outflows can mean that there is a buying pressure in the market and investors feel bullish on Ethereum.<\/p>\n Now, here is how the chart for the indicator looks like for the crypto exchange Coinbase<\/a>:<\/p>\n <\/p>\n As the above graph shows, the crypto exchange Coinbase saw a spike of a massive 400k Ethereum in outflows yesterday.<\/p>\n Outflows this big can be a sign of activity from institutional investors as certainly normal holders won’t have these many coins to move around.<\/p>\n Related Reading |\u00a0Only In Crypto: A Croissant Lists Potential Bullish Drivers For Bitcoin And Ethereum In Q4 2021<\/a><\/strong><\/em><\/p>\n Institutional investors being bullish on ETH can mean huge things for the crypto. If ETH has to move to the next leg up, it will need a lot of money pumped into it, and this usually means whales like institutional investors need to get involved.<\/p>\n As these outflows already signal that institutional investors are taking their coins out of exchanges to perhaps hodl them, ETH’s outlook looks bullish.<\/p>\n At the time of writing, ETH’s price<\/a> floats around $59.9k, up 9% in the last seven days. Over the last thirty days, the crypto has amassed 25% in gains.<\/p>\n The below chart shows the trend in the price of the coin over the last five days:<\/p>\n <\/p>\n ETH has made a big push in the last few days as the coin now approaches a test of the $4k mark. It’s unclear at the moment if ETH can keep this momentum going and reach a new all time high (ATH) soon, or if it will falter once again.<\/p>\nETH's outflow showed a large spike yesterday | Source: CryptoQaunt<\/a><\/pre>\n
Ethereum Price<\/h2>\n
ETH's price makes a push up and approaches the $4k mark | Source: ETHUSD on TradingView<\/a><\/pre>\n