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Ethereum witnessed increased outflows from derivative exchanges after its fall below the $2,200 mark on Sept. 7. 
According to CryptoQuant analyst Amr Taha, over 40,000 Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>), worth roughly $90 million, left derivative exchanges over the weekend. The outflows started a few hours after the ETH price touched a local bottom of $2,172 on Saturday, Sept. 7. 
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 Negative netflow exceeding 40,000 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$ETH</a> on derivative exchanges “Indicates that more ETH is being withdrawn from Derivative Exchanges, which might suggest reduced selling pressure.” – By <a href="https://twitter.com/3AMRTAHA_?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@3AMRTAHA_</a> Full post 👇<a rel="nofollow" href="https://t.co/5v0PWwq9Mw" target="_blank">https://t.co/5v0PWwq9Mw</a> <a rel="nofollow" href="https://t.co/MrE4zRNQro" target="_blank">pic.twitter.com/MrE4zRNQro</a>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1833049252521500903?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">September 9, 2024</a>
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The analyst claims that the increased outflows could hint at reduced selling pressure. This could also reduce the “borrowing amounts for opening new short” positions. 
 You might also like: <a rel="" href="https://crypto.news/crypto-excluded-from-schumers-legislative-priorities-after-assurances/"> Crypto excluded from Schumer’s legislative priorities after assurances </a> 
Per data from Santiment, the ETH total open interest declined by roughly $171 million on Sept. 6, falling to $4.78 billion. However, the asset’s open interest quickly regained most of its losses and is currently sitting at $4.93 billion. 
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 ETH price, RSI, open interest and sentiment – Sept. 9 | Source: <a href="https://app.santiment.net/charts/xHoz6V_2__sCl" target="_blank" rel="nofollow">Santiment</a>
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Ethereum is up 1.3% in the past 24 hours and is trading at $2,325 at the time of writing. Its daily <a href="https://crypto.news/glossary/volume-in-crypto-trading/" target="_blank">trading volume</a> increased by 33%, reaching $12.4 billion.&nbsp; 
Data from the market intelligence platform shows that the ETH Relative Strength Index is hovering at 34. The indicator shows that the second-largest cryptocurrency is oversold at this price point as <a href="https://crypto.news/glossary/fud-in-cryptocurrency-trading/" target="_blank">FUD</a> dominates the market. 
Despite the impressive ETH outflows from derivative exchanges, the weighted sentiment around Ethereum remains negative, according to Santiment data. 
Spot ETH exchange-traded funds in the U.S. also <a href="https://crypto.news/spot-bitcoin-etf-outflows-surge-six-fold-ether-etf-outflows-slow-down/" target="_blank">registered</a> consecutive outflows last week. These investment products have recorded $568.5 million in net outflows since their launch in July. 
 Read more: <a rel="" href="https://crypto.news/bitcoin-reaches-55k-as-exchange-net-flows-plunge/"> Bitcoin reaches $55k as exchange net flows plunge </a>

40,000 ETH left derivative exchanges, brings lower selling pressure

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