📢 #Gate Square Writing Contest Phase 3# is officially kicks off!
🎮 This round focuses on: Yooldo Games (ESPORTS)
✍️ Share your unique insights and join promotional interactions. To be eligible for any reward, you must also participate in Gate’s Phase 286 Launchpool, CandyDrop, or Alpha activities!
💡 Content creation + airdrop participation = double points. You could be the grand prize winner!
💰Total prize pool: 4,464 $ESPORTS
🏆 First Prize (1 winner): 964 tokens
🥈 Second Prize (5 winners): 400 tokens each
🥉 Third Prize (10 winners): 150 tokens each
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1️⃣ Publish an
Analyst: Ethereum's net outflow on Derivatives exchange reaches a new high in 18 months, which is a bullish signal
On February 7th, PANews reported that according to Cointelegraph, analyst Amr Taha from CryptoQuant pointed out in a report on February 6th that the net outflow of ETH on Derivatives exchange was -300,000 coins (worth about 817.2 million USD), reaching the highest level since August 2023. This is a bullish signal because traders withdrawing ETH from Derivatives exchange means reducing selling pressure, settling leverage positions, and potentially transferring ETH to cold wallets. Taha stated that the increase or decrease in ETH flowing out of Derivativesexchange has reduced the "available immediate supply", making it more difficult for the price of ETH to fall; if demand remains stable or increases, the price often rises due to the reduced supply. Cryptocurrency commentator Kyle Doops also stated in a February 6th post on X that "Such a large-scale outflow usually means a decrease in selling pressure and the closing of major positions - which is typically a bullish signal."