Ethereum Recovers to $2,800 Following $982 Million in Exchange Withdrawals

Ethereum's price has recovered to $2,800 following significant outflows from exchanges. Investors withdrew a total of 350,000 ETH (approximately $982 million) after a recent price crash, marking the highest net withdrawal since January 2024.

Key Points

Exchange Netflow metric indicates more withdrawals than deposits, suggesting accumulation by investors.
Outflows may indicate whales buying Ethereum at lower prices post-crash.
Continuing negative Exchange Netflow could positively affect ETH's price; increased inflows might lead to bearish trends.
USDC transactions have surged by over 119% in the last year, indicating rising popularity and potential market influence.

Currently, Ethereum is down over 11% in the past week.