Crypto analytics firm Santiment reported a massive outflow of 224,410 ETH from crypto exchanges on February 8 and 9.
A large amount of Ethereum (ETH) has left crypto exchanges over the weekend, with crypto analysts highlighting the outflow as the biggest in almost 2 years.
suggesting increased investor confidence and reducing the risk of sudden price drops, which is a bullish indicator for the asset. However, this metric doesn’t provide an immediate price signal and points to a longer-term trend, decreasing the chances of a price decline, Santiment notes.
“Though more of a long-term metric, this is a strong sign for Ethereum’s struggling price,” the post reads. “The shrinking level of available coins to be publicly sold off also reduces the chances of future major selloffs.”
Crypto analytics firm Santiment has reported a massive outflow of 224,410 ETH from crypto exchanges on February 8 and 9. More than $596 million worth of ETH was withdrawn, marking the largest single-day outflow in nearly two years and a “historic milestone,” according to Santiment.
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