Ethereum deposits highest in 4 months: whales preparing for a sell-off?

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On-chain data shows that Ethereum exchange network flow has increased significantly recently, which could be a bearish signal for the cryptocurrency’s price.

Ethereum Exchange Netflow has seen forceful positive growth recently

In Modern post on X, market intelligence platform IntoTheBlock discussed the latest trend that is emerging in the net exchange flow metric for Ethereum.

“Exchange network flow” here refers to an on-chain metric that tracks the net amount of any cryptocurrency entering or leaving wallets associated with centralized exchanges.

When the value of this indicator is positive, it means that investors are currently depositing a certain amount of net tokens on these platforms. Generally speaking, one of the main reasons why holders may move instruments to exchanges is for selling purposes, so this trend could have bearish consequences for the asset price.

On the other hand, a negative indicator means that exchanges are currently tightening supply as outflows exceed inflows. Such a trend could be a sign of investor accumulation, which could naturally be bullish for the coin.

Here is a chart showing the trend of Ethereum exchange network flow from the beginning of 2024:

It seems that the value of this indicator has increased in recent days Source: IntoTheBlock on X

The graph shows that the Ethereum exchange network flow has seen positive growth recently. At its peak, the exchanges received 140,660 ETH in net deposits.

At the current cryptocurrency price, this amount is equivalent to almost $547 million. That’s a huge amount and the biggest net deposit frenzy these central entities have seen since January.

“High stock inflows are usually a sign of selling behavior as people either try to claim profits or succumb to FUD,” notes the analyst firm. Interestingly, however, since these deposits appeared, the price of the asset has increased.

This may suggest that either the coin inflow whales have not yet pulled the trigger on selling these coins, or they were not planning to sell in the first place. Of course, it is also possible that market demand was able to absorb the sales if the whales did sell.

In a scenario where whales have made deposits with the intention of selling but have not yet transacted, Ethereum could experience a bearish effect.

Time will tell how the price of the cryptocurrency will develop in the coming days and whether these vast deposits will play any noticeable role at all.

ETH price

Ethereum has seen a decline earlier, but the asset has managed to recover as its price remains above $3,900 again.

Ethereum price chart
The asset price appears to have been rising over the past few days Source: ETHUSD on TradingView

Featured image from Dall-E,, chart from


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