Net flows from Ethereum exchanges increased by over 6%.ETH remains below resistance levels.
Over the past month, #BinanceTurns7 [ETH] has seen a noticeable trend of outflows from exchanges. Despite shrinking exchange balances, #ETH trading volumes continue to rise, and ETH is attempting to stabilize its price amid these shifts in investor behavior and network participation. According to the data, more than 1 million ETH leaked from the trading platform in June.
This outflow is estimated at approximately $3.8 billion, which is 6.4% less than in the previous month. This indicates a significant decrease in the amount of Ethereum stored on exchanges.
A further examination of CryptoQuant's exchange reserve data shows the magnitude of this change: at the beginning of June, the total amount of ETH stored in exchange reserves was over 17 million.
By the end of June, this figure had dropped to around 16 million ETH. At the time of writing, that number stood at around 16.6 million ETH.
This decline in exchange reserves usually indicates some strategic moves by investors.
Either increasing long-term reserves by moving ETH to secure wallets or becoming more involved in the Ethereum #mining process.
This is especially true as the development of Ethereum 2.0 continues. Both scenarios indicate bullish sentiment among holders.
An analysis of Ethereum mining activity provides insight into holder behavior, especially as exchange balances decline.
According to Glassnode, the total number of deposits is steadily increasing. The move is significant because it signals a shift from trading and storing ETH on exchanges to storing it in betting contracts. According to the latest data, the number of deposits has surpassed 1.5 million.
In addition, more than 33.2 million ETH has been deposited in saqqa, according to Dune Analytics. This large volume of ETH deposits corresponds to almost 28% of the total ETH supply.
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