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Ethereum Sees Massive Outflows from Derivatives: What Does This Mean For ETH?
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Ethereum Sees Massive Outflows from Derivatives: What Does This Mean For ETH?

Samuel Edyme
Samuel Edyme
8 months ago
3 mins read
Ethereum Sees Massive Outflows from Derivatives: What Does This Mean For ETH?

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Ethereum, the second-largest cryptocurrency by market capitalization, has been experiencing noteworthy movements in its derivatives markets.

Particularly, according to a recent analysis by a CryptoQuant analyst known as ‘Heisenberg,’ the netflow of Ethereum on derivative exchanges has seen a significant negative shift, exceeding 40,000 ETH.

Related Reading

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Ethereum’s Plunge Could Be Over: This Key Pattern Signals A Rally Back To $4,000

9 months ago

Ethereum Derivative Market Outflow: What It Means For ETH

Heisenberg explained that netflow refers to the difference between the amount of Ethereum entering exchanges (inflows) and the amount being withdrawn (outflows).

A negative netflow indicates that more ETH is withdrawn from derivative exchanges than deposited. This is particularly relevant because derivative exchanges, such as leveraged positions or short selling, are often used for trading.

Ethereum Exchange Netflow on Derivative Exchanges
Ethereum Exchange Netflow on Derivative Exchanges. | Source: CryptoQuant

A negative netflow of 40,000 ETH, as reported by Heisenberg, could be a signal suggesting that the selling pressure on Ethereum may be reduced, which could lead to a less volatile market in the coming days.

Negative netflow exceeding 40,000 $ETH on derivative exchanges

“Indicates that more ETH is being withdrawn from Derivative Exchanges, which might suggest reduced selling pressure.” – By @3AMRTAHA_

Full post 👇https://t.co/5v0PWwq9Mw pic.twitter.com/MrE4zRNQro

— CryptoQuant.com (@cryptoquant_com) September 9, 2024

Elaborating on this phenomenon, when more Ethereum is withdrawn from exchanges than deposited, it generally indicates that investors and traders are holding onto their assets rather than selling them.

This reduction in selling pressure is a major metric for assessing the potential stability of Ethereum’s price in the near term. In addition, the reduced borrowing on derivative exchanges might indicate a decreased interest in opening new short positions, further reducing the downward pressure on Ethereum’s price.

ETH Market Performance And Outlook

Notably, the implication of this increased outflow of ETH on derivative exchanges is not reflected in the asset’s market price.

As mentioned earlier, the current trend in this metric signals reduced downward pressure for ETH. However, the asset remains drowning in red according to ETH’s latest price performance.

Particularly, over the past week alone, ETH has still been down by 9.2%. Although the asset has seen a slight 0.5% increase in price over the past day, this was not enough to make ETH’s price see a major recovery.

Ethereum (ETH) price chart on TradingView
ETH price is moving downwards on the 1-hour chart. Source: ETH/USDT on TradingView.com

At the time of writing, the asset currently trades for $2,282, with a 24-hour high of $2,334 and a 24-hour low of $2,246. As for its daily trading volume, this metric has also refused to see a significant increase.

Related Reading

Is Ethereum Headed for Trouble? Analyst Warns of Surging Exchange Reserves

Is Ethereum Headed For Trouble? Analyst Warns Of Surging Exchange Reserves

9 months ago

Instead, over the past week, ETH’s daily trading volume has continued to range between $13 billion and $11 billion. According to renowned crypto analyst Ezekiel, “It’s not crypto bottom until ETH drops below 2,000.”

#eth #ethereum

It’s not crypto bottom until eth drops below 2k pic.twitter.com/uSn9uEekcQ

— Ezekiel🐼 (@duje_matic) September 9, 2024

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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