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.

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.

Data from CryptoQuant also suggests that the balance of ETH on exchanges has now hit a new rock bottom , indicating strong institutional buying.

Recently, Yunfeng Financial Group, backed by Chinese tycoon Jack Ma, bought 10,000 ETH worth $44M as part of its reserve strategy.

Meanwhile, BitMine Immersion Technologies, the largest institutio

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