Ethereum Tumbles To 10-Month Lows As Sell-Offs Intensifies

Ethereum has been on a downward trend with the rest of the market. Most notable though had been the movement of the digital asset in the last 24 hours. Ethereum which had been holding up above the $2,000 level had finally succumbed to pressure from bears. This saw it lose about 20% of its value in a day and had effectively pushed it back toward the $1,600 level. The push behind this remains the same; massive sell-offs. Ethereum Investors Want Out Investors in the second-largest cryptocurrency by market cap, Ethereum, have been rapidly liquidating their holdings in the last week. This has been a long time in the making but no one could have truly anticipated how bloody the market would get. Following the leading cryptocurrency, Bitcoin, the value of Ethereum has plunged significantly but even more interesting is the amount of sell-offs that are causing the digital asset’s price to crash. Related Reading | Bitcoin Selloff Provides Boost To Miner Fee Revenues Ethereum’s exchange inflow has now touched a three-month high. It indicates that investors are liquidating their holdings as fast as they can. The exchange inflow volume on a 7-day moving average for ETH now sits at $38,873,883.27, beating the previous three-month high that had been recorded on May 5th, 2022. On a daily basis, this number has also exceeded expectations and continues to rival outflows. Glassnode reports that ETH daily inflows and outflows currently sit a...