• Ethereum’s active deposits have spiked to a record high, suggesting heightened volatility this weekend.
• Santiment’s deposit metric suggests increased activity among Ethereum participants.
• According to CryptoQuant, there is a notable trend of Ethereum exiting exchanges, resulting in a decrease in exchange holdings.
Ethereum Set for Volatile Weekend
As the weekend approaches, Ethereum’s active deposits have soared to record levels since March – hinting at potential volatility in the coming days.
Santiment’s Deposit Metric
According to Santiment’s recent deposit metric, there could be even more activity among Ethereum participants as the weekend draws nearer. The active deposits metric has hit an impressive figure of over 17,500 transactions, while the deposit transactions metric has surged past 17,700.
Exchange Netflow Data
In order to gain a better understanding of the prevailing sentiment surrounding Ethereum’s price movements, one must look beyond these metrics and examine Exchange Netflow data from CryptoQuant. It reveals that there has been a notable trend of outgoing transfers from exchanges – with negative netflows totaling approximately 30,000 ETH recorded as of this writing. This indicates an inclination towards accumulation amongst investors rather than sales pressure on exchanges.
Realistic or Not?
It remains unclear whether these trends will continue into next week or not – however it is important to note that speculation surrounding Ethereum’s market cap relative to Bitcoin continues to increase as well.
In conclusion, it appears that increasing activity by participants may lead to heightened volatility this weekend – although whether or not these trends will hold up into next week remains uncertain at this time.