by Glassnode Alerts, there has been a significant upswing in ETH deposits. In fact, at the time of writing writing, exchange deposits had exceeded 161,000, marking the highest level observed in over nine months.
Prior to this, the highest deposit level recorded on the chart was approximately 98,000, and this was in January.To provide some context to the same, it is worth noting that Ethereum typically witnessed an average exchange deposit of around 30,000, excluding occasional spikes. This context emphasizes the significance of the recent spike and prompts questions about its impact on the flow of Ethereum.
This is a sign that even though significant volumes of ETH were being deposited into exchanges, an even greater amount was being withdrawn.The netflow chart revealed that the last instance of inflows surpassing outflows happened around 15 September. At press time, however, the netflow is -18,223. Here’s the caveat though – The netflow direction may change by the end of the day, but the dominance of outflows remains apparent.recent trading activity.
However, at the time of writing, the volume had rebounded to surpass $3 billion, signalling a slight hike on the chart.It remains uncertain whether the surge in exchange deposits played a role in this volume uptick, but it’s certainly a plausible factor to consider.