Ethereum Holders Sent 8,170 ETH to Crypto Exchanges Before Dip to $370

Summary:

Crypto exchanges experienced an inflow of 8,170 ETH before yesterday’s dip to $370This translates to around $3.1 Million using an Ethereum rate of $380Of this amount 4,000 ETH was deposited to Binance before the brief meltdownSelling of Ethereum could indicate buying exhaustion and a correction in the pipeline for ETH

This week kicked off on a tumultuous note in the crypto markets due to the two events of a US presidential elections today, and the rise of COVID19 cases in Europe that is causing further lockdowns. Early Monday saw the price of Ethereum drop from $404 to $370 in less than 6 hours.

Ethereum Holders Sent 8,170 ETH to Crypto Exchanges Before Dip

According to the team at CryptoQuant, approximately 8,170 ETH was sent to crypto exchanges before the dip. This translates to roughly $3.1 Million using Ethereum’s current price of $380. The team at CryptoQuant further shared their observation of the inflow of Ethereum into exchanges via the following tweet.

$ETH Exchange Inflow Mean for all exchanges hit 8,170 before the drop.