A massive amount of Ethereum (ETH) – over $1.4 billion worth – has recently been withdrawn from cryptocurrency exchanges. This is one of the biggest withdrawals in months and suggests a significant shift in how investors are handling their ETH.
Investors Moving ETH to Private Wallets
Crypto analytics firm IntoTheBlock reported this huge outflow. This usually happens when investors buy ETH on an exchange and then move it to their own, more secure, wallets instead of leaving it on the exchange. The sheer size of this movement suggests investors are planning to hold onto their ETH rather than selling it. In fact, IntoTheBlock data shows that a whopping 74% of ETH investors have been holding for over a year.
Comparing to Past Outflows
The last time we saw such a large ETH exodus was in November 2024. Back then, Bitcoin and Dogecoin were booming after the US Presidential election, while Ethereum lagged behind. Given ETH’s price volatility, you’d expect some selling to avoid losses, but the opposite is happening.
More Data Points to Holding, Not Selling
CryptoQuant, another analytics platform, confirms the story. While both inflows and outflows have ticked up a bit, the net flow is still negative, meaning more ETH is leaving exchanges than entering. IntoTheBlock’s data shows inflows are up 43%, but outflows are up a much larger 57%. Large ETH holders are also net sellers, with a 26% drop in the last week and a 47% drop in the last month. Even Ethereum Spot ETFs are seeing significant outflows, totaling $68.47 million.
A Bearish Prediction?
One analyst on X (formerly Twitter) has issued a bearish prediction for Ethereum’s price, using the Elliott Wave theory. This theory suggests Ethereum might continue consolidating this weekend before a significant price drop in “Wave 3”. The analyst’s prediction includes potential price drops to $2,841, $2,660, or even $2,555.
