Ethereum’s native token, Ether (ETH), witnessed its lowest weekly close since November 2023, highlighting just how much the top altcoin has struggled over the past few months.
Ethereum 1-day chart. Source: Cointelegraph/TradingView
In the past 83 days, it declined by 51%, translating to an average daily loss of approximately 0.61%. If the losses are compounded daily, the rate increases to about 0.84%.
Ethereum exchange outflows hit 27-month high
According to IntoTheBlock, a crypto analytics platform, Ethereum witnessed significant outflows worth $1.8 billion over the past week. It was the highest weekly outflow since December 2022, and in an X post, the platform added,
“Despite ongoing pessimism around Ether prices, this trend suggests many holders see current levels as a strategic buying opportunity.”
Ethereum net flows on aggregated exchanges. Source: X.com
Fellow onchain data provider CryptoQuant paints a similar