- Over 310K ETH exited exchanges in 72 hours, a strong accumulation despite a price drop from $3,843 to $3,543.
- 91% of ETH holders are in profit, with 75% holding over a year, showing long term confidence in Ethereum’s movement.
- Continued exchange outflows reduce sell pressure, supporting potential price rebounds amid high correlation with Bitcoin.
Ethereum market activity has had a sharp turn, with over 310,000 ETH, worth approximately $1.15 billion, withdrawn from centralized exchanges in just 72 hours. The surge in outflows, which intensified between July 21 and July 24, has coincided with key shifts in price and supply.
During this period, ETH dropped from a peak of around $3,843 to a local low of roughly $3,543. Despite the price dip, exchange balances steadily decreased, marking a pattern that typically reflects investor accumulation rather than selling.
Major Outflows Correlate with Price Rebounds
Throughout the same timeframe, several spikes in outflows occurred near local price bottoms. High activity was observed around July 22 and July 24, where the ETH price briefly fell.
However, shortly after these withdrawals, the price rebounded to around $3,732, suggesting reduced availability on exchanges. Data from IntoTheBlock supports the ongoing pattern. A seven day netflow outlook showed a total of negative $3.21 billion, supporting the trend of assets moving off exchanges.
On multiple days, including July 11, July 18, and July 22, net outflows exceeded $100 million. These outflows came before price surges, hinting at a rhythm between reduced exchange supply and upward price momentum.
Holder Distribution Points to Long Term Confidence
According to IntoTheBlock, 91% of ETH holders are in profit, while just 6% remain out of profit. 75% of holders have held ETH for over one year, indicating strong long term conviction. Large holders account for 55% of total supply, and over the past seven days, large transaction volume reached $108.72 billion.
The sustained outflows suggest that more holders are opting for self custody or decentralized staking, rather than keeping assets on centralized exchanges. This change in behavior aligns with ETH climb from $2,300 on July 2 to nearly $3,900 by July 26.
Exchange Supply Continues to Decline
The reduction in ETH exchange reserves has been consistent over the observed period. This contraction typically reduces immediate sell pressure, which historically coincides with upward price movement.
Temporary inflows around July 22 and 23 led to minor dips, possibly linked to short term profit realization. ETH correlation with Bitcoin is at 0.86, indicating that its price often moves alongside BTC.
However, the independent accumulation trends for ETH show distinct investor activity. If current exchange flows persist, ongoing supply changes could maintain their influence on short term price direction.
Overall, Ethereum recent on-chain metrics suggest aggressive accumulation, reduced exchange balances, and strategic movement by large holders, all within a condensed timeframe.
