Ethereum

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 <p>Ethereum [ETH] recently experienced a significant decrease in exchange outflows. According to data from Glassnode, the volume of Ethereum withdrawn from exchanges reached a six-month low of $11,062,094.68.</p> 
 <p>The decline in Ethereum exchange outflows is seen as a positive signal for the crypto. This decrease in outflows suggests a drop in selling pressure, which is typically a bullish sign. Furthermore, Ethereum has experienced a significant decrease in exchange inflows since the start of the year. Such a development might help in contributing to the upward movement of Ethereum’s price in the market as well.</p> 
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 <p>At press time, <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> was trading at $1,863 experiencing a 0.83% decrease in its daily value. Although the overall market sentiment seemed lackluster, there were several indicators suggesting the possibility of a significant upswing for the leading altcoin.</p> 
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 <p><strong>Also Read: Ethereum Tops Institution-Grade ESG Ranking, Bitcoin Ranks 20th</strong></p> 
 <h4 class="wp-block-heading" id="h-big-bullish-bets">Big bullish bets</h4> 
 <p>According to data, traders were buying more <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> call options compared to Bitcoin [BTC] call options. In the chart below, the open interest put/call ratio for <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> was 0.31, while for BTC, it stood at 0.45. A declining put/call ratio is typically considered a positive sign, indicating a bullish sentiment in the market.</p> 
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 <p>Furthermore, the higher open interest for Ether compared to Bitcoin indicated that traders expect more significant fluctuations in the <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> market in comparison to the BTC market.</p> 
 <p><strong>Also Read: Ethereum: Users Holding 1000+ <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>, Drops to 5-Year Low</strong></p> 
 <h4 class="wp-block-heading" id="h-will-volatility-work-in-ethereum-s-favor">Will volatility work in Ethereum’s favor?</h4> 
 <p>In a recent report, Fidelity Digital Assets has provided insights into Ether’s potential over the next 12 months. The firm holds a bullish view on the leading altcoin for the short term, i.e., within the coming year. However, it approaches the mid-term outlook, spanning one to five years, with more caution. Non<a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>eless, Fidelity remains optimistic about Ethereum’s long-term prospects, extending beyond five years.</p> 
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   <img decoding="async" loading="lazy" src="https://cdn.thebittimes.com/images/2023/07/28/bee881c2e16232f8cffc20be45252294.webp" alt="" class="wp-image-104028" width="637" height="166" srcset="https://cdn.thebittimes.com/images/2023/07/28/bee881c2e16232f8cffc20be45252294.webp 912w, https://cdn.thebittimes.com/images/2023/07/28/bee881c2e16232f8cffc20be45252294.webp 300w, https://cdn.thebittimes.com/images/2023/07/28/bee881c2e16232f8cffc20be45252294.webp 768w, https://cdn.thebittimes.com/images/2023/07/28/bee881c2e16232f8cffc20be45252294.webp 380w, https://cdn.thebittimes.com/images/2023/07/28/bee881c2e16232f8cffc20be45252294.webp 550w, https://cdn.thebittimes.com/images/2023/07/28/bee881c2e16232f8cffc20be45252294.webp 800w" sizes="(max-width: 637px) 100vw, 637px"> 
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 <p>It is worth noting that Ethereum’s value has surged by 60% since the beginning of the year. Given the above forecast and the previously mentioned metrics, heightened volatility could work in favor of the altcoin.</p> 
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 <p><strong>Also Read: Investor Poll Shows 47% Confidence in Ethereum’s Rise Above Bitcoin</strong></p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>bitcoin</li> 
  <li>crypto</li> 
  <li>cryptocurrency</li> 
  <li>ETH</li> 
  <li>ethereum</li> 
 </ul> 
</div>

Ethereum Exchange Outflow Volume Hits 6-Month Low: A Bullish Signal?

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