The current ETH price signals bullish momentum, with Ethereum forming a golden cross between its 50-day and 200-day EMA bands. Despite peaking at $2,665 intraday and then stabilizing around $2,580, a recent $160 million transfer from Wintermute to Binance and Coinbase adds uncertainty to the market.
ETH Price Rally Faces Challenge from Heavy Exchange Deposits
In a span of three hours, Wintermute deposited 61,847 ETH valued at approximately $160.3 million into major exchanges. This significant transfer comes at a time when the price chart is attempting to show positive signs.
The key question now is whether the ETH price can sustain its upward trajectory amid continued influx of major deposits into exchanges.
While the recent transfer does not necessarily indicate that the ETH will be sold immediately, it does introduce a level of uncertainty into the ongoing price rally.
Bitfinex Sees Largest ETH Inflow Since 2025
According to Amr Taha, Bitfinex recently recorded a positive netflow of around $495 million in ETH on September 10, marking its highest inflow since February 2025. This latest inflow was 36% higher than the previous reference point of $365 million.
On the other hand, Binance experienced net outflows of approximately $244 million, while OKX saw outflows of around $99 million. Combined, the two exchanges recorded outflows totaling about $343 million.
The contrast in inflows and outflows is notable, with Bitfinex’s inflow surpassing the combined outflows of Binance and OKX by 44%.
ETH Price Relies on Continued Buyer Interest
Positive exchange netflow indicates more ETH entering exchanges than leaving, while negative netflow signifies net withdrawals. However, the direction of flow alone does not confirm whether the assets are being prepared for sale.
This distinction is crucial at this juncture, as the golden cross provides a bullish technical signal for ETH price, yet the exchange data presents a mixed picture that makes the current market direction less clear.
Currently, ETH price is at a crossroads between positive chart developments and conflicting exchange data. The intraday spike to $2,665 needs sustained buying interest, especially given the recent $160.3 million transfer from Wintermute.
