Ethereum Exchange Netflow (Total) hourly chart.
In the circled area (around December 9-12), we see a sharply negative netflow, with outflows significantly exceeding inflows.
This means a notable amount of ETH was withdrawn from exchanges and moved to private wallets, staking, or cold storage.
A negative netflow of this magnitude often reflects accumulation and HODLing behavior, potentially reducing short-term selling pressure on exchanges.
With ETH price holding steady around $3,200, this on-chain movement is a data point worth monitoring closely, without implying a strong immediate directional bias.
Worth keeping an eye on in the coming days to see if the pattern persists or reverses.
Written by NovAnalytica
