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Ethereum sees $478 million net exchange outflows as traders stay short

Nansen data shows the $478 million move runs about five times above average, yet top-PnL and Hyperliquid smart traders still hold net short positions.

Reported · Written up by our desk · Market Structure

Ethereum recorded $478 million in net exchange outflows over the past seven days, a pace about five times above average that Nansen data typically flags as potential accumulation, though the picture looks mixed when traders are examined.

According to CryptoSlate, Nansen also shows top-PnL wallets sold a net $64 million over the same period, while smart traders and whale accounts on Hyperliquid perpetual futures hold net short positions, with “smart traders” at $38 million net short and whale wallets adding $21 million net short.

The renewed focus comes amid ETH lagging Bitcoin, with ETH down about 37.1% year-to-date versus Bitcoin down 26.2% as of July 14, and the ETH/BTC ratio near 0.029. A Citi scenario analysis discussed by CryptoSlate sets a 12-month base-case test near $3,175 and a bull case up to $4,488, while a recessionary case is cited at $1,198.

CryptoSlate also points to ETF and on-chain activity context: US-traded spot Ethereum ETFs pulled in about $84.3 million from July 6 through July 10, roughly 45,000 ETH, which is far smaller than the $478 million exchange outflow, and July 13 reportedly flipped back to a $15.4 million outflow. DeFiLlama data cited by the outlet shows active Ethereum addresses near 484,966 and seven-day DEX volume of $7.63 billion, while perpetual futures volume on the network fell 48.1% over the same period.

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