The huge drop in Ethereum’s exchange balance points to a potential supply crunch. Despite this, Ethereum whales continue to increase their accumulation. On-chain analyst Leon Waidmann summarized the ongoing ETH accumulation as follows: “Despite the drop, whales continue to accumulate Ethereum! ETH exchange balance reaches a new low.”
According to Glassnode data, Ethereum balance on centralized exchanges has fallen to a low of 10% as of August 10. This equates to around 12 million ETH, indicating a significant contraction in the supply available on exchanges. Investors are increasingly holding their ETH in their own wallets or other deposit methods, which is causing the overall supply to tighten. Historically, such a trend is considered a positive sign for ETH’s future price movements.
Since the August 5 price drop, Ethereum has seen a significant increase in active addresses, with an increase of over 130,000 in just a few days. As of August 10, the number of active addresses has increased from 440,000 to 571,000, indicating strong network momentum. Additionally, new addresses have increased by over 60,000, indicating solid network expansion. Data from IntoTheBlock also supports these network growth metrics, indicating an active and expanding Ethereum user base.
The weekly Ethereum demand from US investors showed mixed signals, particularly with Ethereum ETF flows. At the beginning of the week, there were positive inflows into ETH ETFs, with $48.7 million and $98 million invested on Monday and Tuesday, respectively, suggesting that investors were taking advantage of the decline. However, later in the week, $42 million in outflows were recorded from Wednesday to Friday, indicating a cautious approach among investors.
According to the ETH/USDT chart on TradingView, Ethereum price has rallied from $2.1k to $2.6k, marking a nearly 30% recovery. Having regained the critical $2.5k level, ETH is set to retest previous range lows at $2.9k. This level is a key benchmark to watch in the event of an extended recovery. Any pullback during this recovery will require the bulls to aggressively defend the $2.5k support level.
FOR THE GIFT OF 10 DOLLARS PLEASE READ CAREFULLY.
My friends, you know that we, the publishers, are doing everything we can for you here. We are conveying to you the services and conveniences that our authorities have provided us. I have never withdrawn my support for both the cryptocurrency market and you, and on the contrary, I am trying to provide more support.
THIS 10 DOLLAR GIFT CAMPAIGN IS A CAMPAIGN MADE ESPECIALLY FOR ME BY BINACE. YOU CAN GET CONFIRMATION OF WHAT I HAVE SAID ABOUT THIS ISSUE BY CALLING LIVE HELP. IT IS A 10 DOLLAR CAMPAIGN MADE FOR YOU THROUGH ME.
Now I will explain how you will receive your gift. First of all, Binance users who have registered with someone's reference and actively use futures transactions will unfortunately not be able to benefit from this promotion.
So who can benefit?
Our friends who have not yet activated the futures section, when you activate your FUTURES transaction section, you will earn $10 when you open it by entering my 88623008 reference code.
I EXPLAIN IN DETAILED.
My brothers and sisters who have become Binance members without a reference, please listen carefully;
When you do what I say in order, you will receive 10 USDT.
Go to the Futures Section from your application,
On the next screen, open your account by entering the code 88623008 in the REFERENCE CODE section,
My brothers and sisters who want to complete this transaction and receive the 10 USDT reward until MAY 1 can do so. Afterwards, after activating your account, it is enough to open your first futures transaction.
The first 1,000 brothers who open a 200 USDT transaction by MAY 1 will receive a 10 USDT reward.
So let me give you a tactic like this; even if you open and close 20x with a $5 transaction, you will be entitled to the reward.
Even if you do this after May 1st, your reward will not come. So, do it until May 1st. In fact, I would say do it right now in 5 seconds.
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WHEN WILL THE REWARD COME?
Your $10 reward will come to the REWARDS section of your Binance application within 30 days from May 1. By activating it from there, you can use your $10 reward, or more than 300 lira, in futures transactions.
You can share this post with your friends in need so that they can also benefit from it.
IN THE MEANWHILE, MY BROTHERS, PLEASE DON'T MISS YOUR LIKES. EVERY SHARE IS FOR YOU. SO DON'T WITHHOLD YOUR SUPPORT. EVEN IF YOU HAVEN'T FOLLOWED US YET, DON'T FORGET TO FOLLOW US. WITH MY REGARDS.
