đ„đ„đ„ Ethereum Seeing High Exchange Outflows, But Watch Out For This #BEARISHđ Signal
Ethereum and Tether Exchange Outflows: Mixed Market Signals
Recent Trends:
- On-chain data reveals significant exchange outflows for Ethereum, but Tether (USDT) developments suggest potential bearish trends. Santimentâs Exchange Flow Balance shows that Ethereumâs outflows are notable, with 80,763 $ETH (around $268 million) withdrawnâits largest spike in five months. This decline in sell supply could be bullish for Ethereum.
- Conversely, Tether has seen net withdrawals of $346 million. While #stablecoin inflows typically signal asset swapping rather than price impact, this decrease in USDT reserves suggests reduced buying power, potentially dampening Ethereumâs price.
Market Implications:
1. Ethereum: Large outflows indicate decreased sell supply, which is bullish.
2. Tether (USDT): Withdrawals reduce buying power, potentially limiting Ethereumâs upward momentum.
ETH Price Update:
- Ethereum is currently trading at $3,300, down over 3% in the past week. The marketâs mixed signals from #Ethereumâs outflows and Tetherâs withdrawals create uncertainty for Ethereumâs short-term price movements.
Source - newsbtc.com
