Key Points
- Ethereum whales have been depositing large amounts of ETH into exchanges recently.
- Despite this, the overall exchange reserve has not shown a significant increase.
Ethereum whales have recently been actively depositing their holdings into exchanges.
This comes in the wake of Ethereum’s price struggles, with several failed recovery attempts leading to a continued decline.
Large Ethereum Deposits
Data from Lookonchain shows a notable Ethereum whale depositing 10,000 Ethereum coins, worth over $31 million, onto the Binance exchange.
This particular address has transferred a total of 30,000 ETH, valued at over $94 million, to Binance since the start of July.
This is part of a larger trend of whales moving significant amounts of Ethereum to exchanges.
Net Deposits on the Rise
Analysis of Ethereum netflow data from CryptoQuant reveals a higher number of inflows than outflows on exchanges since the beginning of the month.
Over 72,000 ETH, approximately $250 million, entered exchanges at the start of the month.
Only three instances of net outflows have been recorded this month, indicating a higher volume of Ethereum being deposited than withdrawn.
Large deposits from whale accounts have significantly contributed to this trend.
Despite the surge in Ethereum inflow, the overall exchange reserve has not seen a corresponding rise.
The reserve currently stands at about $52 billion, down from over $57 billion at the start of the month.
This might suggest that the decrease in Ethereum’s value has affected the dollar valuation of the exchange reserves.
The volume of Ethereum on exchanges has remained relatively stable, with figures around the 16 million range.
At the time of writing, Ethereum was trading at roughly $3,071, marking a slight decrease of nearly 1%.
