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Ether Leaps Above $2,000 As Exchange Flow Signals Institutions Are Now Buying ETH

Ether Leaps Above $2,000 As Exchange Flow Signals Institutions Are Now Buying ETH

Ethereum has for the first time since February 20th climbed above $2,000. This comes as a surprise move from the largest altcoin in the world. Evidence of this is the amount of leveraged longs. But market trends in the last few weeks and even days show the altcoin has been bullish all along.

Ethereum Leaps Above $2K As Exchange Flow Signal Institutional Shift
ETHUSD Chart By TradingView

Ethereum exchange balance has signaled a market shift. Over the last few days, top exchanges have seen a load of Ethereum withdrawn. This some analysts speculate, is a sign of demand from institutions. But so far, no company has come out to state it’s putting Ethereum on its balance sheet. Like Bitcoin, once institutions begin buying Ethereum, prices will rally strong.

400k $ETH flowed out from Coinbase a few days ago.

Speculative guess, institutions are now buying $ETH.

— Ki Young Ju 주기영 (@ki_young_ju) April 2, 2021

A few days ago, Ethereum was validated as sound money after Visa integrated cryptocurrencies into their network. Now Visa can settle payments with USDC on the Ethereum blockchain. This is a big win for the cryptocurrency and validation that it is a solid asset. With interest from big financial powerhouses like Visa, Ethereum has attracted demand from institutions.

Institutions are not the only ones willing to hold out and see if prices can break the current all-time high. Data shows that the number of exchanges receiving Ethereum from exchanges has hit a new monthly high. According to Glasssnode, this stands at 1,291.381. Some speculate that a continued trend of the same could trigger a supply crisis.