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- Ethereum’s massive volume surges by 13%, suggesting price action is imminent.
- More than 547,600 ETH worth $1.26 billion flowed into exchanges, heightening market excitement.
According to a tweet from a prominent analyst, a total of 547,600 Ethereum (ETH), or $1.26 billion worth, has been transferred to cryptocurrency exchanges over the past three weeks.
This significant move signals increased liquidity and trading activity in the Ethereum market.
Historically, when such a large amount of cryptocurrency enters exchanges, holders are likely to consider selling or adjusting their positions, which can potentially create market volatility.
Ethereum Trading Volume Surges 13%
According to IntoTheBlock data, Ethereum has seen a 13% increase in large transactions in the last 24 hours. The number of transactions involving significant Ethereum volume jumped from 3,070 to 3,370.
This increase in large transactions means that institutional investors or large holders are interested in the token, and thus the number of exchanges is increasing.
Source: IntoTheBlock
Ethereum NetFlow Surges
CryptoQuant data shows that net inflows to Ethereum exchanges have increased significantly over the past 24 hours.
In general, a high net flow is an indicator of increased volatility in the Ethereum market, as more players are likely to cash out or invest in price movements.
This adds to the existing sentiment that the market is preparing for a significant change.
Source: CryptoQuant
The bulls are in control
According to Coinglass, 50.8% of investors were holding long positions at the time of writing. This slight majority indicates that market participants are bullish on betting on an Ethereum price increase.
Read Ethereum (ETH) Price Prediction 2024-2025
However, judging by the volume of Ethereum being transferred to exchanges, this massive volume of trading could challenge bullish sentiment as more sellers flood into the market.
Source: Coinglass
With the Fed cutting rates for the first time in four years and market sentiment positive, there is a chance that the Ethereum price will rise in the near future.