On-chain data shows a large amount of Ethereum has left exchange wallets within the past two days, a sign that could be bullish for the price.

As an analyst on Twitter pointed out, about 310,000 ETH has exited exchanges in the past 48 hours. The relevant indicator is the “ETH supply on exchanges” metric from the on-chain analytics firm Santiment. As its name already hints, it measures the current total amount of the Ethereum supply stored in the wallets of all centralized exchanges.

When the value of this metric goes up, it means ETH is being transferred into the wallets of these platforms right now. As one of the main reasons investors may deposit to exchanges is for selling-related purposes, such a trend may cause a bearish effect on the asset’s price.

(by Hououin Kyouma)