Ethereum (ETH-USD) is witnessing a significant exodus—nearly 300,000 ETH worth around $817 million flowed out of crypto derivatives exchanges on February 6, hinting at a potential price rally, according to CryptoQuant.
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Analyst Amr Taha pointed out that these outflows suggest reduced sell pressure, which can stabilize prices. “If demand remains stable or increases, price tends to rise due to lower available supply,” he said in a note.
Institutions Boost Holdings
Major players like Cumberland and BlackRock (BLK) have been scooping up ETH. In the past two days, Cumberland transferred 62,381 ETH, valued at $174 million, to Coinbase Prime (COIN). Meanwhile, BlackRock added 100,535 ETH to its stash, bringing its total Ethereum holdings to over $3.7 billion.
On-chain data further reveals that ETH’s price rebounded after breaking key resistance levels at $2,650. Investors seem to be betting on a long-term rally, with CryptoQuant noting three consecutive days of negative netflow from exchanges.
Bitcoin is also riding a similar trajectory, with over 17,000 BTC exiting centralized exchanges, signaling confidence among large holders. Could this be the start of a broader crypto comeback?
What Is the Price of Ethereum Today?
At the time of writing, Ethereum is sitting at $2,735.20, down 15.2% in the past 5 days.
