News and Analytics

Experts noted a record inflow of ETH to cryptocurrency exchanges
0

Experts noted a record inflow of ETH to cryptocurrency exchanges

May 28, 2024

According to the latest data from IntoTheBlock, the amount of Ethereum (ETH) flowing into centralized exchanges (CEX) has reached a record level since the beginning of the year. On Saturday, May 25, the net inflow of Ethereum was 140,66 thousand coins, equivalent to $545 million, the highest level in the past four months.

Analysts assert that a high inflow of funds to trading platforms usually indicates potential future sell-offs. Experts are confident that market participants are either looking to lock in profits or succumbing to negative sentiments (FUD).

Meanwhile, the Bitcoin market is experiencing the opposite situation. Analysts from Luk Capital noted that the price of BTC is fluctuating and forming bearish patterns. However, they recorded a significant outflow of funds, amounting to 26 thousand bitcoins ($1.77 billion) in one day, which could indicate the strength of the "bulls." Experts emphasized:

According to various technical analysis indicators, BTC price movement is facing resistance on different time frames. On short-term (LTF) there is bearish divergence, while on long-term (HTF) the price is encountering the key level from March around $71,000.

Analysts noted that the funding rate for BTC is high. The outflow of 26 thousand coins from centralized exchanges is considered a bullish factor. "Nevertheless, the liquidation imbalance is neutral, and the heatmap shows good liquidity in the $71,000 – $72,000 area with NPOC just below $73,000," the researchers emphasized. The Naked Point Of Control helps identify key areas with significant residual liquidity, showing where major holders left the most unrealized orders.

The market is in the midst of a battle between bears and bulls, said Luk Capital.

In conclusion, experts noted that there is currently complete uncertainty in the Bitcoin market, and the future direction of price movement remains questionable.

Comments

Latest analytics

Introduction to...

Introduction to Aleo and Zero-Knowledge Technology

Zora: What is it...

Zora: What is it and why is it important for the creators...

Show more

Latest Dapp Articles

Show more

You may also like