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Ethereum exchanges are drying up quickly as ETH exchange ‘flux’ turns negative for the first time ever.
Flux, by the way, calculates the cumulative net flow of ETH across all exchanges.
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A positive flux means there are more ETH deposits, which simply shows people are selling more ETH and buying less.
A negative flux balance, however, indicates more outflows of ETH from exchanges than inflows, suggesting aggressive buying among market participants.
Source: Alphractal
Data from CryptoQuant also suggests that the balance of ETH on exchanges has now
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