Ethereum (ETH) Flying off Exchanges Amid Price Surge This Week, According to Crypto Analytics Firm Glassnode
Glassnode says Ethereum (ETH) is flying off exchanges at record rates as the crypto markets rebound this week.
The crypto analytics firm notes that exchanges this week had a one-day moving average net outflow of 65,319.938 Ethereum, an all-time high.
The previous all-time high for that metric was 58,072.356 ETH, which was set all the way back in May 2016.
ETH is trading for $1,576 at time of writing. The second-ranked crypto asset by market cap is up nearly 3% in the past 24 hours and more than 31% in the past seven days.
Net outflows indicate market participants are withdrawing ETH from centralized exchanges, suggesting accumulation.
Glassnode also notes that the seven-day moving average for Ethereum’s outflow volume recently hit a 13-month high of 29,822.996 ETH.
Additionally, Ethereum’s balance on exchanges just reached a 4-year low of 19,101,804.604 ETH, according to the analytics firm.
ETH activity is also on the rise: Glassnode reports that the seven-day moving average of ETH’s number of transactions recently reached a 1-month high of 48,609.702.
Glassnode also notes that the number of addresses holding any amount of Ethereum reached an all-time high on Thursday of 84,264,124. Similarly, the number of addresses holding 1+ ETH just reached an all-time high of 1,559,794.
Despite the surge in price, ETH remains down nearly 68% from its all-time high, which it set last November.
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Author: Daily Hodl Staff
