Glassnode says Ethereum (ETH) is flying off exchanges at record rates as the crypto markets rebound this week.
The crypto analytics firm notes that exchanges this week had a one-day moving average net outflow of 65,319.938 Ethereum, an all-time high.
The previous all-time high for that metric was 58,072.356 ETH, which was set all the way back in May 2016.
ETH is trading for $1,576 at time of writing. The second-ranked crypto asset by market cap is up nearly 3% in the past 24 hours and more than 31% in the past seven days.
Net outflows indicate market participants are withdrawing ETH from centralized exchanges, suggesting accumulation.
Glassnode also notes that the seven-day moving average for Ethereum’s outflow volume recently hit a 13-month high of 29,822.996 ETH.
Additionally, Ethereum’s balance on exchanges just reached a 4-year low of 19,101,804.604 ETH, according to the analytics firm.
ETH activity is also on the rise: Glassnode reports that the seven-day moving average of ETH’s number of transactions recently reached a 1-month high of 48,609.702.
Glassnode also notes that the number of addresses holding any amount of Ethereum reached an all-time high on Thursday of 84,264,124. Similarly, the number of addresses holding 1+ ETH just reached an all-time high of 1,559,794.
Despite the surge in price, ETH remains down nearly 68% from its all-time high, which it set last November.
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The post Ethereum (ETH) Flying off Exchanges Amid Price Surge This Week, According to Crypto Analytics Firm Glassnode appeared first on The Daily Hodl.
