On-chain data shows around 800k ETH has exited wallets of the crypto exchange Gemini, a sign that could prove to be bullish for Ethereum.
Crypto Exchange Gemini Observes outflows Of 800k ETH
As pointed out by an analyst in a CryptoQuant post, the Ethereum exchange reserve has plunged down to lows not seen since 2018.
The “all exchanges reserve” is an indicator that measures the total amount of Ethereum currently stored on wallets of all centralized exchanges.
When the value of this metric goes down, it means the number of coins on exchanges are going down. Such a trend, when prolonged, can be a sign of accumulation from investors, and hence can be bullish for the price of the crypto.
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