Ethereum has had the largest year-to-date outflows from Coinbase, reaching 336K ETH worth over $1 billion. This suggests price increases.
Today, June 12, Ethereum, the second largest cryptocurrency by global market cap, has again become the topic of conversation in the crypto community.
The token recently documented the withdrawal of more than 300,000 coins from Coinbase, which is one of the largest exchange outflows of the year.
The colossal outflow from Coinbase has sparked a whirlpool of speculation regarding the future price trajectory of ETH, swaying the balance in favor of the bullish.
We will delve further into the on-chain statistics of the token.
Over 336K ETH Withdrawn from Coinbase
Based on the data from this year, it is evident that the exchange outflow totaled 336,284 ETH on June 11, as per a post shared by CryptoQuant on X.
Notably, this is the fifth time this year that the exchange has withdrawn over 150,000 ETH.
This totals over $1 billion in value, which adds a layer of intrigue to the Ethereum market dynamics and the withdrawals.
The large transactions range between $400 million and $1.1 billion each.
While the precise cause of these withdrawals may differ, there is a high probability that whales or institutions that are not yet known have been the driving force behind them.
Should this be true, ETH’s long-term prospects will be glowing with optimism.
CryptoQuant had previously recorded similar activities surrounding ETH before the introduction of spot Bitcoin ETFs, attributing them to traders’ anticipation of an overall market upswing.
Similarly, the withdrawal estimated at more than $1 billion coincides with the recent approval of spot ETH ETFs.
The token continues to be the subject of intense interest among crypto market enthusiasts, as Ethereum (ETH) is on the brink of experiencing the consequences of a diminished supply on exchanges.
Ethereum Price Jumps
In contrast, the ETH price experienced a 0.58% increase to trade at $3,555 nearly immediately following the data’s release in the market.
The token’s market cap increased by 0.44% to $426.74 billion.
The data from Coinglass demonstrated that the open interest in ETH futures decreased by 1.67% to $15.86 billion, and the derivatives volume decreased by 1.80% to $25.58 billion.
This data is consistent with Ethereum’s recent pessimistic trend, during which the token plummeted from the $3,800 level to under $3,500.
Meanwhile, the RSI remained at around 46, suggesting that the asset is in a state of neutrality.
In the case that the market continues to experience further buying pressure, as in the aforementioned example, ETH may experience a more robust price movement in the future.
Nonetheless, selling pressure on the coin poses a price risk.
