Ethereum has seen over $660 million withdrawn from exchanges in recent weeks, signaling accumulation by long-term holders. However, market data shows persistent bearish pressure, with negative ETF flows and extreme short positioning suggesting potential for further price declines.
Over 330,000 ETH, valued at more than $660 million, has been withdrawn from centralized exchanges. This movement reflects continued accumulation by smart market participants and coincides with a record-high Ethereum validator entry queue of 71 days.
Data from the crypto intelligence platform Glassnode shows the 30-day moving average of spot ETF netflows has been negative for three months. This extended period highlights ongoing bearish pressure and a lack of institutional demand.
The ETH Funding Rate has been deeply negative, indicating the market is heavily positioned for further price drops. Analytics firm Santiment noted this wave of short positioning is the most extreme since August 2024.
Despite the downturn, public company Bitmine Immersion Technologies [BMNR] has aggressively added to its holdings, purchasing 820,000 ETH since mid-November. The company bought 180,000 ETH in the last 30 days alone, even amid adverse market conditions.
