Ethereum's past outflow charts can change when more exchange wallets are identified

What happened

Coin Metrics rebuilt ETH Standard flows, according to the article. The article also states that an outflow trading claim still needs the data available at the decision time.

Confirmed

Global impact / market context

If exchange wallets are identified later, past Ethereum outflow charts can change. That matters because investors may have made trading decisions using earlier flow data that looked different from the rebuilt version.

Analyst inference

Exchange outflow data is often used to judge whether investors are moving Ethereum off trading venues. When that data is rebuilt, the signal can shift, which may affect how investors view past selling or holding pressure.

Analyst inference

What to watch

1. Coin Metrics rebuilt ETH Standard flows, so watch for any further changes to that data. Confirmed
2. Watch for more exchange wallets being identified, since that may lead to another rebuild of past Ethereum flow charts. Proposed
3. Watch whether future trading claims use data available at the decision time, because using later data could change the conclusion. Analyst inference

Affected assets

• ETH — Ethereum
• BTC — Bitcoin

Evidence

• cryptoslate.com