60k ETH Exit Exchanges, Here’s Why It’s Bullish For Ethereum

On-chain data shows massive Ethereum outflows of 60k ETH on spot exchanges. Such deeply negative netflows could be a bullish signal for the coin. Ethereum All Exchanges Netflow Shows Huge Negative Spike As pointed out by a CryptoQuant post, the Ethereum all exchanges netflow showed a negative spike yesterday as 60k ETH exited exchanges. The all exchanges netflow is an indicator that’s defined as the difference between the exchange inflows and the outflows. The “inflow” is the amount of Ethereum moving into exchanges from personal wallets. An increase in this value implies an increase in the supply of ETH for selling purposes or altcoin purchasing. The “outflow” is just the opposite; it’s the number of coins exiting exchange wallets. When this metric moves up, it might mean there is a buying pressure in the market as more investors store their coins outside exchanges. Related Reading | Hoskinson Celebrates Ethereum Smart Contracts On Cardano, How This Company Enables It As the netflow is the inflow minus the outflow, a positive value indicates more ETH is moving into exchanges than out. Similarly, a negative value implies the contrary. Now, here is how the chart for the Ethereum all exchanges netflow looks like: The Ethereum netflow shows a massive negative spike | Source: CryptoQuant Looking at the above graph, it seems like the indicator is showing a negative spike at the moment. ...