A large number of ETHs have entered centralized exchanges, increasing the Ethereum balance of these exchanges. Considering the impact of foreign exchange inflows, this may become an obstacle when cryptocurrencies want to break through the resistance level of $2000
A large number of ETHs have entered centralized exchanges, increasing the Ethereum balance of these exchanges. Considering the impact of foreign exchange inflows, this may become an obstacle when cryptocurrencies want to break through the resistance level of $2000.
Investors send 13000ETH to the exchange
According to data from IntoTheBlock, as prices rise, a large amount of ETH flows to exchanges. As of October 31st, when the price broke through the resistance level of $1800 for the first time, the total inflow was 480570 hands. However, by early November, this number had significantly increased.
On November 1st, the total amount of ETH flowing into the exchange reached 774890, and by this time, bulls had established a dominant position above $1800. Due to an outflow of approximately 630000 ETH, the net flow into the exchange on November 1st was approximately 130000 ETH. This indicates that investors are willing to start profiting from the assets they hold.
As shown by the data tracker, most Ethereum investors have regained profits after breaking through $1800. Even after the pullback, the total profit ratio of ETH investors is still as high as 55.40%, and it is not surprising that some of them hope to make a profit.
However, by November 2nd, investors' attitude towards capital inflows had eased. Data shows that on Thursday, the inflow of ETH dropped to 637070, although this is still much higher than the previous week's figure. As of Thursday, the net traffic of the exchange has now decreased to 31040ETH.
The holders of Ethereum have taken action one after another
The number of large transactions conducted on the Ethereum network and the transaction volume of these large holders have also surged. On October 29th, the total number of block trades was 1900. But by November 2nd, this number had surged to 4320 transactions, an increase of over 100% in just four days.
Compared to the large trading volume, the trading volume of these whales has also increased in an almost similar manner. On October 29th, the large trading volume was 741440ETH. But by November 2nd, the trading volume reached 2.21 million ETH. In US dollars, the large transaction volume increased from 1.33 billion US dollars to 4.04 billion US dollars.
From the perspective of bullish and bearish trading (i.e. buying and selling), there is not much difference, and bulls continue to lead the asset. The total number of long positions in 7 days is 98, while the total number of short positions is 87. But the gap is further narrowing every day, with IntoTheBlock showing 14 bulls and 12 bears.
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