The post Ethereum’s netflows turn negative with -60k ETH withdrawn appeared on BitcoinEthereumNews.com.

  ETH has surged by 3% over the past 24 hours. Ethereum’s netflows turned negative with -60k ETH withdrawn, reflecting bullishness. Over the past week, Ethereum [ETH]  has experienced extreme volatility hitting a low of $2150 and a high of $2891. However, during the past three days, the altcoin has experienced a sustained uptrend, rising from $2,633 to $2,850. As of this writing, Ethereum is trading at $2,838, up 3% on daily charts. Before these price pumps, the altcoin had been on a downward trajectory, dropping on weekly and monthly charts by 11.06% and 22.61%, respectively. The sudden trend reversal with three consecutive days of gains reflects shifting market sentiment from bearish to bullish. This bullishness is further evidenced by ETH’s massive negative netflows. Ethereum experiences negative netflows According to CryptoQuant, Ethereum’s Exchange Netflow for derivative exchanges has experienced a decline of almost -60k ETH for the second time in a week. Source: CryptoQuant With such massive negative netflows, it suggests that investors are actively withdrawing ETH from derivative exchanges. When netflows turn negative, it implies that traders are actively accumulating, with outflows outpacing inflows. Historically, such a significant drop reflects reduced selling pressure from large positions being closed, indicating bullish sentiments in the medium term. As such, with this market behavior, it’s safe to say that traders have turned bullish and expect ETH prices to recover. What ETH’s charts suggest With Ethereum’s netflow suggesting a shift in market sentiment, this shift is witnessed across the charts. Source: Cryptoquant For example, Ethereum’s Buyer-Taker-Sell Ratio has surged and surpassed 1 over the past two days to settle at 1.06. This shows that more traders are buying ETH compared to those selling reflecting a higher buying activity. Source: CryptoQuant This buying activity is more prevalent in the U.S. market, with the Coinbase…

---

Filed under: News - @ February 6, 2025 12:23 pm