According to an analysis shared by CryptoQuant, the price of ETH tokens pumps with a rise in netflow onto exchanges by Ethereum whales.
) over the past couple of years highlights a behavioral pattern among Ether whales that market analysts believe is done to pump the price of the second-largest cryptocurrency.
The “exchange netflow” is an indicator that measures the net amount of crypto entering or exiting wallets of all centralized exchanges. The metric's value is simply calculated by taking the difference between the exchange inflows and the exchange outflows.shared by one of the pseudonymous traders of crypto analytic firm Cryptoquant indicates that ETH whales have consistently sent their holdings onto exchanges to raise the price of ETH and sell it at a higher market price.
The Ethereum exchange netflow data confirmed the behavioral pattern among ETH whales and indicate it has been persistent since 2020. The price pump is often followed by whales selling their holdings at an increased market price. The price pump is then followed by a correction as visible in the graph below.
The trader in their analysis noted that the Ethereum exchange deposits increased periodically during short-term or long-term lows for the asset. The Ethereum netflow chart confirms that the spike in exchange flows has often come at a time when the price of ETH was trading at lower levels.Ethereum whales' heavy deposits onto exchanges continued even in the run-up to the Merge, as the price of ETH rallied prior to the key proof-of-stake transition.
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