$9 billion in Ethereum was withdrawn from exchanges within the past three days, suggesting that whales might be accumulating. A Massive 2.2M ETH Exited Exchanges In The Last Three Days Alone As pointed out by a CryptoQuant post, on-chain data shows around $9 billion in Ethereum was taken off exchanges in the past few days. The indicator of relevance here is the “exchange reserve,” which measures the total amount of ETH present in exchange wallets. When this metric’s value goes down, it means investors are withdrawing their Ethereum from exchanges. Such a trend may be a sign of accumulation, and could be bullish in the long-term. On the other hand, when the indicator moves up, it implies holders are moving their coins to exchanges either for withdrawing to fiat or for purchasing altcoins. This situation can end up being bearish for the crypto. Now, here is a chart that highlights the trend in the value of the Ethereum exchange reserve over the past year: Looks like the indicator has been dropping off for a while | Source: CryptoQuant As the above graph shows, the Ethereum exchange reserves showed a very sharp decline over the past three days. Related Reading | TA: Ethereum Nosedives, Why Bulls Could Struggle In Near Term During this period, about 2.2 million ETH (more than $9 billion at the current rate) was taken off exchange wallets. This is one of the largest quantities of Ethereum that was withdr...
