After the sharp drops, the cryptocurrency market started a relief rally. The leading crypto Bitcoin (BTC), albeit for a short time, saw above $ 24 thousand. Leading altcoin Ethereum (ETH), on the other hand, performed impressively with the wind of the upcoming Merge. According to crypto analytics firm Glassnode, Ethereum is flying off exchanges amid a price surge this week.
Market participants pull Ethereum (ETH) from centralized exchanges
As you follow on Kriptokoin.com, the crypto markets saw a spring mood in the middle of winter this week. In this environment, crypto analytics platform Glassnode says Ethereum is flying off exchanges at record rates. The crypto analytics firm notes that this week, the exchanges saw an all-time high of 65,319,938 ETH one-day moving average net outflow.
For comparison, it may be helpful to look at the all-time high for this metric. The previous peak of the metric in question was 58,072,356 ETH, set in May 2016. Meanwhile, ETH is trading at $1,576 at press time. The leading altcoin has lost nearly 3.41% in the last 24 hours. However, it has increased more than 21% in the last seven days.
Source: GlassnodeAccording to experts, the net outflows indicate that market participants are pulling ETH from centralized exchanges. This indicates an accumulation.
The crypto analytics firm also notes that the seven-day moving average for Ethereum’s output volume recently hit a 13-month high of 29,822,996 ETH.
Source: GlassnodeAdditionally, Ethereum’s balance on exchanges hit a 4-year low of 19,101,804,604 ETH, according to the analytics firm.
Source: GlassnodeRecord increase in the number of transactions of the leading altcoin Ethereum
Meanwhile, ETH activity is also increasing. Glassnode also looks at the seven-day moving average of ETH’s transaction count. According to the data, it recently hit a 1-month high of 48,609,702.
Source: GlassnodeGlassnode also examines the number of addresses holding any amount of Ethereum. This data shows that it reached an all-time high of 84,264,124 on Thursday. Similarly, the number of addresses holding 1+ ETH reached an all-time high of 1,559,794. Despite the rise in price, ETH is down nearly 68% from the all-time high it set last November. On the other hand, the upcoming Merge is a strong tailwind for Ethereum. Experts say that this wind is behind its eye-catching performance in recent weeks.
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