Ethereum has been struggling lately, but it seemed to be on the upswing. However, recent data suggests that investors might be getting cold feet.
ETH Moving to Exchanges: Sell Signal?
A lot of Ethereum (ETH) has been moving to centralized exchanges in the past day – over 112,000 ETH, to be exact. This is a big deal, because it usually means people are planning to sell their coins.
Why? When people move their crypto from their own wallets to exchanges, they’re usually getting ready to trade it. This can put downward pressure on the price, as more people are trying to sell than buy.
However, so far, ETH’s price has actually gone up a bit. It’s still too early to say if this will change.
Is the Crypto Market Cooling Down?
The data suggests that investors might be pulling out of Bitcoin and Ethereum altogether. Over the past week, more than $2.6 billion has flowed out of these two crypto giants. This could mean more trouble for the crypto market, and could lead to further price drops.
It’s still unclear what will happen to ETH and the crypto market in the coming days. But it’s definitely something to keep an eye on.
