- Ethereum’s large transaction surge by 13%, hinting at a looming price action.
- Over 547,600 ETH worth $1.26 billion hit exchanges, stirring market excitement.
In the past three weeks, a total of 547,600 Ethereum [ETH], valued at more than $1.26 billion has been transferred onto cryptocurrency exchanges, according to a renown analyst tweet.
This significant transfer indicates heightened Ethereum market liquidity and trading activity.
Historically, when such huge numbers of any cryptocurrency begin to make their way into the exchanges, holders are looking to either sell or adjust positions, which could result in potential market volatility.
Ethereum transactions soar by 13%
According to IntoTheBlock data, Ethereum has witnessed a 13% increase in large transactions over the last 24 hours. The number of transactions involving substantial Ethereum volumes jumped from 3,070 to 3,370.
With such an increase in large transactions, it simply means that institutional investors or big holders are becoming interested in the token, hence the increasing exchanges.
Source: IntoTheBlock
Ethereum netflows skyrocket
CryptoQuant data further illustrated that Ethereum’s netflow to exchanges has seen a striking increase in the last 24 hours.
Generally, high net flow is an indicator of increased Ethereum volatility in the market, as more players are likely to cash out or speculate on changes in prices.
This adds to the existing sentiment that the market could be gearing up for significant shifts.
Source: CryptoQuant
Bulls are in control
According to Coinglass, 50.8% investors were holding long positions at press time. This slight majority indicated that market participants have been optimistic in betting on the rise in Ethereum’s price anytime soon.
Read Ethereum’s [ETH] Price Prediction 2024–2025
However, judging from the amount of Ethereum transferring to exchanges, this massive exchange flow may challenge the bullish sentiment if more sellers start flooding the market.
Source: Coinglass
Based on the recent Fed interest cuts for the first time in four years and favorable market sentiments, Ethereum prices may rally in the near future.