According to CryptoOnchain, this metric has been in a steady decline, recently falling to its lowest level since May 2024. Typically, this trend is often a bullish indicator for prices, as it suggests that investors are pulling their assets off exchanges to self-custodial wallets for long-term holding.
CryptoOnchain noted that this repeating pattern strongly indicates an ongoing accumulation phase for Ethereum. “When netflows hit extreme lows on a long-term moving average, it typically indicates that investors are withdrawing their assets from exchanges for long-term holding, thereby drastically reducing immediate sell pressure in the market,” the pundit wrote in the Quicktake post.
Ethereum Price OverviewAs of this writing, the price of ETH stands at around $2,353, reflecting an over 3% decline in the past 24 hours. While the altcoin crumbled on the back of the closure of the Strait of Hormuz, the past-day action was not enough to completely wipe out the last week’s gain. According to CoinGecko data, the Ethereum price is still up by about 2% in the past seven weeks.
