Author: Ciaran Lyons, CoinTelegraph; Compiled by: Wuzhu, Golden Finance

The number of Ethereum withdrawn from crypto derivatives exchanges has reached its highest level since August 2023 - Analysts Interpret this as a positive signal of Ethereum prices.

On February 6, Ethereum net traffic on crypto derivatives exchanges was negative 300,000 ETH, equivalent to about $817.2 million outflows, with ETH trading at $2,724 as of this article.

Ethereum net traffic for crypto derivatives is -300,000 ETH. Source: CryptoQuant

CryptoQuant Contributor Amr Taha said in a February 6 analyst report that this is a bullish signal as traders pull their Ethereum off derivatives exchanges Out (this involves a contract between the buyer and the seller that trades assets at a pre-agreed price on a specific date) means reducing the pressure of selling while closing the leveraged position and possibly transferring ETH to the cold wallet.

Taha said the increase in the number of Ethereum withdrawn by derivative exchanges has reduced "instant supply available for sale", which makes falling Ethereum prices even more difficult.

ETH has dropped 19.42% over the past 30 days, and has been below the psychologically important $3,000 price level since February 3.

As of this article, Ethereum was trading at $2,720. Source: CoinMarketCap

Taha added: "If demand remains stable or increases, prices will rise due to reduced supply."

Cryptocurrency commentator Kyle Doops in February "Big moves like this often mean less selling pressure and major positions closing—usually a bullish signal."

Just a few days ago, the United States Eric Trump, son of President Donald Trump, posted on X that “now is a good time to increase ETH.”

Earlier, Ethereum has seen a growing number of bullish catalysts, including the possible launch of pledged Ethereum exchange-traded funds, and Donald Trump's World Liberty Financial cryptocurrency project continues to increase its Ethereum holdings quantity.

Consensys founder Joe Rubin recently said that ETF issuers hope that the funds that provide pledged will be approved by regulatory authorities soon.

"WeHaving been talking to ETF providers, they've been working hard on it, so they expect to get approval soon,” Rubin said.