Ethereum

Rise

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Ethereum whales have been depositing large amounts of ETH into exchanges recently.</li>
 <li>Despite this, the overall exchange reserve has not shown a significant increase.</li>
</ul>
<p>Ethereum whales have recently been actively depositing their holdings into exchanges.</p>
<p>This comes in the wake of Ethereum’s price struggles, with several failed recovery attempts leading to a continued decline.</p>
<h2 id="large-ethereum-deposits">Large Ethereum Deposits</h2>
<p>Data from Lookonchain shows a notable Ethereum whale depositing 10,000 Ethereum coins, worth over $31 million, onto the <a href="https://coineagle.com/exchange/binance/" rel="noopener noreferrer nofollow">Binance</a> exchange.</p>
<p>This particular address has transferred a total of 30,000 ETH, valued at over $94 million, to Binance since the start of July.</p>
<p>This is part of a larger trend of whales moving significant amounts of Ethereum to exchanges.</p>
<h2 id="net-deposits-on-the-rise">Net Deposits on the Rise</h2>
<p>Analysis of Ethereum netflow data from CryptoQuant reveals a higher number of inflows than outflows on exchanges since the beginning of the month.</p>
<p>Over 72,000 ETH, approximately $250 million, entered exchanges at the start of the month.</p>
<p>Only three instances of net outflows have been recorded this month, indicating a higher volume of Ethereum being deposited than withdrawn.</p>
<p>Large deposits from whale accounts have significantly contributed to this trend.</p>
<p>Despite the surge in Ethereum inflow, the overall exchange reserve has not seen a corresponding rise.</p>
<p>The reserve currently stands at about $52 billion, down from over $57 billion at the start of the month.</p>
<p>This might suggest that the decrease in Ethereum’s value has affected the dollar valuation of the exchange reserves.</p>
<p>The volume of Ethereum on exchanges has remained relatively stable, with figures around the 16 million range.</p>
<p>At the time of writing, <a href="https://coineagle.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> was trading at roughly $3,071, marking a slight decrease of nearly 1%.</p>

Ethereum’s Delicate Dance: Whale Deposits and Exchange Reserves in Play

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