Ethereum Sees 140,000 ETH Withdrawal in Largest Single-Day Exit in Over a Month

On-chain data reveals that Ethereum has experienced its most significant daily withdrawal in over a month, which could potentially be a bullish indicator for the asset's price. This trend is highlighted by the "Exchange Netflow" metric, which tracks the net amount of ETH entering or exiting wallets associated with centralized exchanges. A positive value indicates net deposits, often for selling purposes, which can have a bearish impact on ETH prices. Conversely, a negative value suggests net outflows, implying that holders are accumulating, which can be bullish for the asset.

According to the institutional DeFi solutions provider Sentora, a substantial amount of Ethereum has recently left exchanges. The Ethereum Exchange Netflow metric has shown a sharp negative spike in the past day, indicating that investors have withdrawn a significant amount of the cryptocurrency. Specifically, exchanges have handled net outflows of more than 140,000 ETH, valued at approximately $390 million. This marks the largest single-day exit in over a month.

These outflows coincide with Ethereum's attempt to break out of its month-long range, suggesting that some large holders may have confidence in this rally. The trend of Ethereum leaving exchanges could be seen as a positive sign for the asset's price, as it indicates that investors are moving their holdings off exchanges, potentially to hold or use them in other ways. This behavior can reduce selling pressure and support price appreciation.