At the time of writing, a glance at Glassnode’s transfer volume chart revealed that more than 2 billion ETH were transacted on 23 August. The trading value of ETH at $1,678 on that day equated to a transfer of over $3.7 billion in ETH.While not an overwhelmingly high volume, it marked the first instance within the month when such a substantial volume was observed.transaction volume might create the impression that more ETH was being sold due to the ongoing downtrend.
The chart provided indicated that a larger amount of ETH has recently been exiting exchanges. This shift in direction followed a notable influx of over 61,000 ETH, valued at approximately $1,800 each, into exchanges, signifying a change in momentum.Subsequently, a consistent sequence of outflows has been accompanied by limited inflows that cannot overshadow the observed outflow. This pattern implied that a greater number of ETHs were departing from exchanges, thereby reducing overall liquidity.
This trend could result in a scarcity of ETH on exchanges, potentially triggering an upward price movement.A recent report by Lookonchain suggested that a particular whale’s activity might indicate preparations for an upcoming bull run. As per the data compiled by Lookonchain, this whale has been engaging in a pattern of purchasing and withdrawing ETH since May.
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