Ethereum Outflows from Exchanges Hit $1B as Fees and Prices Rise
• Over $1 billion in Ethereum flowed out of centralized exchanges this week, potentially reducing selling pressure • Ethereum network fees increased by more than 30% over the same period • Bitcoin also saw $300 million in net outflows from exchanges, breaking an 8-week trend • Large crypto exchange inflows tend to precede an average 5% price drop, per a 2021 study • Ethereum is up 2.64% in the past 24 hours, trading at $2,512 at time of writing