Ethereum has seen the biggest spike in withdrawals from exchanges since February, with 499,000 more eth withdrawn than deposited on Monday according to public blockchain data tracked by Santiment.
About one million eth was sent or withdrawn from 140 crypto exchanges on September 24th, with about 200,000 sent to the exchange and 700,000 withdrawn.
The assumption is that if more eth has been withdrawn from exchanges than deposited, then the difference is a reasonable estimate of the amount of eth that may have been bought and withdrawn to a hardware wallet or somewhere else for safe keeping.
Except for a considerable spike on the 22nd of February when 1.8 million eth was withdrawn, which may have been related to Circle’s acquisition of Poloniex, there has never been a day when more eth was withdrawn than yesterday, at least for the past year.
This considerable spike in estimated buying follows a week long period when far more eth was being sent to exchanges than withdrawn, corresponding to a price fall in August and early September.
On September the 12th, for example, when eth reached a low of $167, some 300,000 more eth was sent to exchanges than withdrawn as can be seen above, with amounts above zero being more sent than withdrawn, and vice versa for below.
During that week, a total of one million eth was net deposited. For today, 52,000 more eth have been deposited than withdrawn, with the price slightly falling recently from $240 to $210 at the time of writing.
Whether this is just a dip remains to be seen, but it looks like buying volumes are making some sort of a return, although nothing like the sustained levels during winter 2017-18 as seen above, especially in January.
That said, this buying dip is very recent, so it may well continue in the coming days and weeks as conference season begins.
From London to San Francisco, and then Prague, much activity is to be expected for eth specifically and blockchain/crypto more generally.
Something which may turn sentiment, depending on what is announced, as the summer of discontent is left behind, with the autumn of hope potentially opening, at least going by this considerable spike.