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<p>Ethereum, the world's second-largest cryptocurrency by market capitalization, <a href="https://twitter.com/ali_charts/status/1702657495439663136" rel="noopener noreferrer nofollow">has seen roughly</a> $13 billion exit its market in the past few days, raising questions about investor sentiment toward the digital asset.&nbsp;</p> 
<p>This comes amid a broader downturn for <a href="https://u.today/ethereum-founder-addresses-x-hacking-incident" rel="noopener noreferrer nofollow">Ethereum</a>, which has witnessed four consecutive weeks of declining prices.&nbsp;</p> 
<h2 id="major-shift-in-capital-flows">Major shift in capital flows</h2> 
<p>The $13 billion outflow is backed by data from Glassnode's Market Realized Value Net Capital Change Breakdown metric. This metric offers a 30-day net position change for dominant assets on the <a href="https://u.today/shocking-1-billion-in-crypto-liquidated-on-market-following-massive-correction" rel="noopener noreferrer nofollow">cryptocurrency market</a>, including Bitcoin (BTC), Ethereum (ETH) and stablecoins like Tether (USDT), USD Coin (USDC) and Binance USD (BUSD).</p> 
<p>The Realized Cap, a key component of this metric, values each coin at its last transacted price. This offers a more accurate portrayal of capital flows by considering the liquidity of each coin and filtering out speculative off-chain trading. The sudden <a href="https://u.today/bitcoin-fears-spur-5-weeks-of-crypto-fund-outflows" rel="noopener noreferrer nofollow">capital outflow</a> could signal bearish sentiment among investors, prompting caution.</p> 
<h2 id="bullish-turnaround">Bullish turnaround?</h2> 
<p>However, there is another side to the story. Cryptocurrency analysts are paying close attention to a particular chart pattern on Ethereum — a hammer candle on its weekly chart.&nbsp;</p> 
<p>As <a href="https://u.today/analysts-eye-ethereums-hammer-candle-as-a-bullish-turnaround-indicator" rel="noopener noreferrer nofollow">reported by U.Today</a>, Jake Wujastyk, among other market watchers, points out that this formation typically appears at the end of a downtrend.</p> 
<p>A hammer candle is characterized by a short body and a long lower wick, suggesting that the asset's price may have found a market bottom and could be poised for an upward reversal.&nbsp;</p> 
<p>Despite the four-week slide, the hammer candle has injected a sense of optimism into the investor community, which is now discussing the possibility of a bullish turnaround.</p>

Ethereum (ETH) Faces Sudden $13 Billion Drain

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