The rise in the price of the main altcoin by 40% over the past seven days definitely surprised the entire crypto community, which did not expect such a turn of profitable events at all. Of course, many investors have had the opportunity to gain positions in ETH and have done so at a rapid pace, as the statistics show, but it seems that the rapid growth has impressed them so much that not only are they not taking profits, but they are taking Ethereum out of exchanges at a record speed. To understand the situation in more detail, let’s look at the data from glass knot.
First of all, we need to look at the net inflow of Ethereum on the exchange. According to the metric, an all-time low of minus $97 million was reached today. At the same time, the previous record of minus $65 million managed to hold out for only a couple of hours of one day, after which it was finally crushed. At the same time, the weekly outflow of altcoins from exchanges has updated a 13-month high. According to Glassnode, 29,823 ETH was withdrawn in a week.
This statistic was preceded by another important indicator of the total balance of Ethereum on exchanges, which also updated a four-year low. At the moment, the number of coins on exchanges is estimated at 19.1 million ETH.
More Ethereum Profits, More Transfer Fees
The outflow of Ethereum from exchanges is accompanied by the resumption of monthly highs in the number of wallets in profit; there are now 46.1 million such addresses. The amount of fees paid on the Ethereum network is 7 million ETH.
— glass node alerts (@glassnodealerts) July 21, 2022
Credit : u.today