Over the last 2 weeks, 811,440 ETH left exchanges which are roughly $2 billion worth.
I post on-chain data for Ethereum regularly. As we sunk into a short-term bear market, people naturally get upset and pointed out that on-chain data doesn’t matter.
I don’t blame them – Your investments have a profound psychological impact on you. If the number goes up, you’re happy.
When the number goes down and your portfolio is red, life suddenly sucks.
However, on-chain data is not immediate. It takes time to play out. It’s simple supply and demand as this ETH was taken off exchanges not to be sold anytime soon.
Where is this ETH going? No one knows! It could be institutions adding it to their balance sheet. It could be hedge funds interested in deploying it into DeFi protocols to earn.
Whatever the reason may be, there’s one thing we can agree on – It’s short, mid, and long term bullish for ETH price action.