A significant exodus of Ethereum (ETH) from cryptocurrency exchanges has been recorded, with over 140,000 ETH valued at around $393 million moving off platforms in a single day. This substantial withdrawal aligns with the rising bullish sentiment and growing investor interest in the leading digital asset, as evidenced by its price surge above $2,760. Analysts point to expanding DeFi applications and increased institutional investments as factors behind this recent surge. 📈,
The data comes from on-chain platform Sentora, which noted this massive outflow was the largest single-day withdrawal in over a month.
Open interest (OI) in Ethereum futures has also hit an all-time high of $20 billion, driven by cash-margined contracts and stablecoin leverage. Despite a slight price drop in the past 24 hours, traders continue to build up leverage, indicating increased speculation even with the recent price decline.
Meanwhile, analytics platform Glassnode has revealed that a large whale (likely a financial institution) is buying back ETH after selling it recently. Following the sale of 30,000 ETH for $78.63 million on June 10, the whale invested in ETH again on June 12, demonstrating a bullish outlook despite recent price fluctuations.
This move highlights the growing interest and speculation surrounding Ethereum amid the market’s evolving dynamics.