Ethereum Experiences Net Outflow of 6,544 ETH from CEXes in 24-Hour Period

In the past 24 hours, a net outflow of 6,544 ETH was recorded on centralized exchanges (CEX), according to Coinglass data. Coinbase Pro had the largest outflow of 8,576.65 ETH, while Kraken had the largest inflow of 2,007.13 ETH. This trend indicates a continued withdrawal of Ethereum from CEX.

In the past 24 hours, a net outflow of 6,544 ETH was recorded on centralized exchanges (CEX), according to Coinglass data. This trend indicates a continued withdrawal of Ethereum from CEX. Coinbase Pro had the largest outflow of 8,576.65 ETH, while Kraken had the largest inflow of 2,007.13 ETH.

The outflow from CEX is a significant development in the cryptocurrency market. According to ChainCatcher, the cumulative net outflow from CEX in the past 24 hours was 48,200 ETH, with Binance leading the outflow at 57,200 ETH, followed by Bybit at 5,820.42 ETH and Coinbase Pro at 3,853.37 ETH [1]. Additionally, KuCoin saw an inflow of 6,094.13 ETH, ranking first in inflows [2].

The withdrawal trend is influenced by various factors. On September 4th, BlackRock deposited 33,884 ETH into Coinbase Prime, indicating institutional interest in Ethereum [3]. However, the overall outflow suggests a trend of investors moving their assets to other platforms or holding them off-exchange.

The decrease in exchange reserves also supports the outflow trend. CryptoQuant's data shows that the ETH exchange platform reserve has decreased by nearly 10.7 million since peaking at around 28.8 million in September 2022, with about 2.5 million ETH withdrawn in the past three months [4].

This article provides an overview of the current Ethereum withdrawal trend from CEX. The data highlights the importance of monitoring exchange flows and understanding the factors influencing investor behavior in the cryptocurrency market.

References:
[1] https://www.chaincatcher.com/en/article/2203576
[2] https://www.lookonchain.com/feeds/27856
[3] https://www.lookonchain.com/feeds/27697
[4] https://www.lookonchain.com/feeds/27604