Funds outflows from exchanges have reached a one-year high, indicating bullish confidence.
In the short term, the price of #ETH may have a hard time breaking the $3,255 mark.
Unbeknownst to many, on April 18, #BTC [ETH] recorded the largest outflow of funds from an exchange in 2024: according to CryptoQuant, market participants withdrew 143,000 ETH from the platform that day.
The outflow of funds from exchanges is a sign of reluctance to sell, suggesting that altcoins may not be in danger of a major shock; the last time such ETH movement was seen was on February 7 and March 26.
When February's accumulation took place, ETH was worth $2,372, and by the end of the month, the cryptocurrency reached a value of $BTC However, the March outflow did not produce the same result, and prices have fallen since then. However, AMBCrypto found out that this outflow had reasons.
One was the growing enthusiasm that the SEC would approve the Ethereum #ETF by May. Some participants were convinced that approval would happen, while some skeptics thought otherwise.
CryptoQuant author Burakkesmechi agreed with this view, noting.
"Before the #BTC Spot ETF was approved, we saw a significant amount of #BTC leaving exchanges. We can't claim that the same thing is happening, but we have to keep that possibility in mind.
Another reason for the rise could be related to the belief that the price of ETH is destined to surpass the price of bitcoin [BTC] in this cycle. While this faction's belief remains unfounded, AMBCrypto checked out LTH-NUPL.
LTH-NUPL stands for Long Term Holder - Net Unrealized Profit/Loss. This indicator shows the behavior of holders who hold cryptocurrencies for at least 155 days.
At the time of writing, LTH-NUPL was in the optimistic (yellow) zone. However, it did not have a significant impact on the value.
At the time of publishing the article, EHT was trading at $3,175, up 3.67% in the last 24 hours.
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