69.4K ETH Wey Enter CEXs for 24 Hours; Binance Dey Top wit 92.8K
According to Coinglass, total ETH wey dem carry go centralized exchanges (CEXs) reach 69,400 for the past 24 hours, wey show say market activity dey increase. Binance waka lead for ETH inflow trends with 92,800 ETH wey dem move go im platform, while OKX get 9,886.8 ETH inflow. But Bitfinex and Coinbase Pro get net ETH outflows of 17,300 and 3,490 respectively, wey mean say people dey stockpile for their private wallets. These ETH inflow numbers fit show say selling pressure fit increase, but how dem distribute among exchanges show say traders get mixed feelings and short-term volatility fit happen.
Bearish
Big big ETH wey dey enter CEXs dey usually happen before selling pressure go increase, because traders dey deposit coins for exchange to sell. Binance big 92.8K ETH inflow na di majority for di net CEX inflow, wey mean say distribution fit happen before price corrections. For history, similar spikes like for May 2021 and January 2022 dem dey happen at di same time with short-term ETH pullbacks. Meanwhile, outflows from Bitfinex and Coinbase Pro show say some holders dey withdraw their money for long-term storage, which show say market feeling split. For short-term, increased ETH inflow to major exchanges fit cause wahala and downward pressure. But sustained outflows somewhere else fit balance the selling, mean say di long-term impact go depend on wetin go happen for exchance flows and macro factors after this.