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A significant shift in
(ETH) market dynamics has emerged as net outflows from centralized exchanges (CEX) have surged, with over 48,200 ETH recorded as leaving CEX platforms in a 24-hour period as of September 5, 2025 [2]. This trend aligns with broader data showing a cumulative negative exchange flux balance, a metric indicating that more ETH is being withdrawn from exchanges than deposited. The phenomenon has not been observed historically, and it is interpreted as a sign of aggressive accumulation by long-term holders rather than short-term speculative trading [3].Joao Wedson, CEO of data analytics firm Alphractal, emphasized the significance of this development, noting that the exchange flux balance turning negative marks a potential
in investor behavior for ETH [3]. The outflows have been particularly notable since mid-July, with over 75,000 ETH reportedly purchased by institutional actor SharpLink in a single transaction in early July, further underscoring the trend of accumulation [1]. Meanwhile, overall exchange-held ETH balances have reached a nine-year low, currently standing at 15.72 million ETH as of September 5, 2025, according to data from Glassnode [3].The reduction in exchange-held supply has implications for market liquidity and price dynamics. With fewer ETH tokens available for immediate sale, the risk of oversupply has diminished, potentially contributing to upward price pressure. Analysts have pointed to key price levels that ETH must surpass to confirm a sustained recovery. A critical threshold is the $4,500 level, which has served as a resistance point since early September. If bulls successfully push through this level, they may gain momentum toward higher price targets, including $5,000, $5,766, $6,658, and even $9,547, based on Fibonacci retracement levels and chart patterns such as the bullish pennant [3].
Price action has also suggested a potential continuation of the bull cycle for ETH. The current market sentiment appears to favor accumulation, with investors increasingly treating ETH as a store of value rather than a short-term trading asset. This behavioral shift is supported by broader macroeconomic trends, including speculative investment in digital assets and evolving regulatory clarity, which may further enhance ETH’s appeal as a long-term asset class.
Despite these bullish signals, caution remains warranted. While the negative exchange flux balance and rising accumulation suggest a strong market position for ETH, short-term volatility and resistance at key price levels must be overcome to confirm a sustained upward trajectory. Investors should monitor on-chain metrics, including exchange outflows and funding rates, as well as broader macroeconomic and regulatory developments, to assess the sustainability of the current bullish momentum.
Source:
[1] title1 (https://www.fool.com/author/20301/?referring_guid=c41bf4a4-59bd-4452-9fb3-9877bf5387b5&utm_campaign=article&utm_medium=feed&utm_source=msnrss)
[2] title2 (https://www.chaincatcher.com/en/article/2203571)
[3] title3 (https://www.coinglass.com/ru/news/689804)
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