Ethereum Users Appear Bullish Despite FTX's Fall

Ethereum ETH/USD is sending some surprisingly bullish signals through its on-chain data after the fall of major crypto exchange FTX crashed the market.

What Happened: The number of Ethereum addresses holding at least 1,000 ETH — worth $1.33 million as of writing — reached a one-month high of 6,425 earlier today, according to a chart provided by on-chain analytics firm Glassnode.

See Also: How To Earn Free Crypto

Why It Matters: This shows accumulation was ongoing among Ethereum whales, which was usually regarded as a bullish sign considering the influence and expertise that large holders have in markets.

Furthermore, Glassnode data showed the seven-day Ethereum exchange outflow volume just reached a four-month high of 26,377 ETH — equivalent to more than $35.1 million as of writing — with the last four-month high of 26,315 ETH being reported on Sept. 20, 2022.

Users who move their cryptocurrencies off of crypto exchanges are users who do not intend to sell their holdings in the near future, which is why growth in this metric is viewed as a rather bullish sign.

The total value locked in the Ethereum 2.0 deposit contract broke its all-time high once again, reaching 14,860,407 ETH, worth $19.82 billion as of press time.

Depositing Ethereum into this contract is a one-way ticket onto the new Ethereum blockchain which means that this metric can only increase, but also goes to show that those who deposited their funds are rather confident in the future of the protocol.

Read Next: Ethereum Records Gains, Maker Emerges As Top Gainer

Photo: Maxx-Studio via Shutterstock