Ethereum’s outflow surge and fee frenzy: A week in review
- Over $200 million worth of ETH left centralized exchanges in the past week.
- ETH remains above the $1,800 price range.
Over the last week, there has been a notable increase in the amount of Ethereum [ETH] being withdrawn from cryptocurrency exchanges. Also, there has been a noticeable rise in the transaction fees generated by trades on the Ethereum network.
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Ethereum outflow spikes
According to a post from IntoTheBlock, Ethereum recently experienced its most significant outflow volume since August. The data indicates that approximately $210 million worth of ETH has been withdrawn from centralized exchanges in the past few days.
An analysis of the Netflow chart by AMBCrypto revealed a recent surge in outflows. The chart displayed a negative spike, indicating that more ETH left centralized exchanges.
Specifically, on 2 November, more than 117,000 ETH left exchanges, and on 3 November, over 84,000 ETH left exchanges.
These two Netflows represent the highest outflows observed in over a month. Additionally, this exchange flow also impacted the Net Position Change metric, which, as of the current writing, stands at a negative value with over 200,000 ETH.
This implies that the supply of ETH held in exchange wallets has decreased over the past 30 days.
Ethereum fees hit a two-month high
Another noteworthy aspect of Ethereum’s performance in the past seven days has been its transaction fees. According to the post from IntoTheBlock, total transaction fees over this period surged by 30%.
To appreciate the significance of this fee increase, it’s useful to consider the data from the past few months. An analysis of data from Crypto Fees revealed that the current fee trend is the highest observed in the last two months.
Although there has been a subsequent decline, fees reached a peak of over $6 million on 1 November. At the time of this writing, the fees remained above $5 million despite the reduction. Before this, the highest fee recorded was approximately $3 million.
ETH trend remains bullish
An analysis of the daily chart reveals that Ethereum has successfully sustained its price trend above the $1,800 range. On 4 November, it concluded its trading session with a 1.8% gain, closing at approximately $1,834.
At the time of writing, it continues to trade above the $1,800 mark, albeit with a slight decline. Furthermore, the trend remains bullish, as evident from the upward trajectory on the trend line.