Although the amount of Ethereum removed from crypto money exchanges was $ 5.7 billion last week, the amount transferred to the exchanges remained at $ 4.8 billion.
With the sharp increase in Ethereum outflows, the net stock market flow of the second largest cryptocurrency turned negative. The general opinion is that large investors issue cryptocurrencies from stock markets when they expect a price increase, but carry assets to stock markets for sale when they expect a decrease. It was reported that the number of addresses holding at least 10 Ethereum, depending on the flow of Ethereum's cryptocurrency exchanges, reached 290.162, the highest level of the last 16 months.
Data from Glassnode shows that major Ethereum investors are moving the largest altcoin to their external wallets. On the other hand, it was recorded as another anecdote that the total number of Ethereum whales increased in the last price drop. According to this detail, while the major Ethereum investors maintained their positions in the last market decline, the transaction activity on the network has seen a serious decrease in the last 1 month. Glassnode data shows that the daily Ethereum transaction count is at 44.6 million, the lowest level in a month.
Historical data shows that crypto asset movements in and out of exchanges have a significant impact on price action. On the other hand, active times will be seen in the Ethereum network in the next summer period.
Last week, Vitalik Buterin announced that if all goes well, the chain merger, called Merge, which is the final stage for the transition to the proof-of-stake consensus mechanism, could take place in August. In June, Ropsten Tesnet, where this merger will be tested, will be commissioned.
Ethereum (ETH) closed the week at $2,044 with a nearly 5% loss in value last week. After the weekly losses of 10% and 15% seen in May, the pace of the decline slowed down. Ethereum (ETH), which started the new week with a light buyer, was finding buyers at $ 2,048 with an increase of 1.4 percent towards the evening hours. For the past two weeks, Ethereum has been trading in the price range last seen in the June - July 2021 period.