Ethereum Exchange Inflows Have Shot Up During The Past Day
According to data from the on-chain analytics firm , this increase in the supply on exchanges is the largest observed since the day before the Merge. The “supply on exchanges” is an indicator that, as its name already implies, measures the percentage of the total Ethereum supply that’s currently sitting in the wallets of all centralized exchanges.
Related Reading: Bitcoin Bearish Signal: Miners Continue To Sell
Looks like the value of the metric has shot up in recent days | Source:As displayed in the above graph, the Ethereum supply on exchanges has observed a sharp rise in the past day, meaning that investors have deposited a large amount of ETH to these platforms.
In the chart, there is also the data for another ETH indicator: the “exchange flow balance.” This metric measures the net number of coins that are flowing into or out of exchanges, meaning that the exchange flow balance essentially tracks the changes happening in the supply on exchanges indicator.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 273,781 (504,986,096 USD) transferred from unknown wallet to — Whale Alert (@whale_alert)
This transfer to Binance was worth almost $505 million, and it is one of the largest transactions between an unknown wallet and an exchange observed during the last five years.
It’s uncertain whether the whale has made this deposit with the intention to sell, or for using any other of the services offered by the platform. However, if selling is truly the goal here, then this massive inflow can be bad news for the asset’s price.ETH Price
At the time of writing, Ethereum is trading around $1,800, up 1% in the last week.ETH has gone down during the last couple of days | Source: