The crypto market looks great today, and the most important coins out there are trading in the green. Ethereum seems to be the star of the crypto market – at the moment of writing this article, ETH is trading in the green, and the coin is priced at $1,990.
Ethereum new reports are out
Ethereum (ETH) is leaving crypto exchanges at a rapid rate this week. The new reports reveal the fact that Bitcoin (BTC) is moving in the opposition direction, according to Lucas Outumuro, the head of research at analytics firm IntoTheBlock.
In a new analysis, Outumuro notes Ethereum recorded nearly $1 billion in net outflows over the past week, which he says suggests “strong buying activity” and points to potential accumulation.
According to IntoTheBlock, net flow is measured by the following:
“net flow is measured by getting the amount of inflows of any crypto asset to centralized exchanges minus the outflows.”
On the other hand, it’s also important to note the fact that Bitcoin recorded weekly centralized exchange net inflows of $132 million, potentially signaling selling pressure.
“A 2021 study published by crypto analytics firm Santiment indicates large upticks in exchange inflows tend to lead to an average price drop of 5% for crypto assets.”
Check out more details about all this via the original article posted by the online publication the Daily Hodl.
The other day, we were revealing that Galaxy Digital founder and CEO Mike Novogratz says Ethereum (ETH) possesses more upside potential even after surging by over 90% from its 2022 low reached in June.
Novogratz said during a Bloomberg interview that Ethereum could rise higher if it manages to break through a key resistance level at $2,200.
He said that Ethereum is unlikely to appreciate on the scale of last year’s bull rally when it hit an all-time high of nearly $5,000 or the 2017 bull run when it reached the then-record high of nearly $1,500.