Ethereum, the second largest cryptocurrency by global market cap, has again emerged as the talk of the crypto town today, June 12. The token recorded the withdrawal of over 300K coins from Coinbase recently, marking one of the largest exchange outflows of the year. This colossal outflow from Coinbase has stirred a whirlpool of speculations surrounding ETH’s future price trajectory, tilting the balance toward the bullish side. Let’s take a deeper dive into the token’s on-chain statistics.
Over 336K ETH Withdrawn From Coinbase
According to a post shared by CryptoQuant on X, based on this year’s data, it can be clearly seen that on June 11, the exchange outflow totaled 336,284 ETH. Of particular note, this is the fifth time this year that more than 150K ETH has been withdrawn from the exchange. This totals over $1 billion in value, adding a layer of intrigue to the withdrawals and Ethereum’s market dynamics. The large transactions range between $400 million and $1.1 billion each.
Although the exact cause of these withdrawals could vary, high chances prevail that whales or as-yet-unknown institutions have driven these withdrawals. Should this be true, ETH’s long-term prospects shine with bullishness.
CryptoQuant previously recorded similar activities orbiting ETH before the commencement of spot Bitcoin ETFs, deeming it to be due to traders’ anticipation of an overall market rally. Similarly, the withdrawal valued over $1 billion comes in tandem with approval in spot ETH ETFs recently. Crypto market enthusiasts continue to extensively eye the token as ETH remains poised to face the implications of reduced supply on exchanges.
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Ethereum Price Jumps
Whereas, soon after the data surfaced in the market, the ETH price gained 0.58% to trade at $3,555. The token’s market cap jumped 0.44% to $426.74 billion.
Coinglass data illustrated that ETH futures OI dipped 1.67% to $15.86 billion, followed by a derivatives volume dip of 1.80% to $25.58 billion. This data aligns with Ethereum’s recent bearish turn, wherein the token plunged from the $3,800 level to even below $3,500.
Meanwhile, the RSI hovered at around 46, hinting that the asset is in neutral territory. Should buying pressure further prevail in the market, as in the abovementioned case, ETH could witness a bolstered price movement ahead. Nonetheless, selling pressure encountered by the token poses a risk to price.
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