Ethereum has experienced a significant outflow of nearly $700 million from centralized exchanges this week, despite a 17.2% price drop to $3,297. This marks one of the largest withdrawals since August, suggesting that investors are accumulating ETH, potentially for use in DeFi protocols. Analysis from Sentora indicates that this outflow could reduce selling pressure on exchanges, aligning with historically bullish trends as the RSI approaches oversold levels. Additionally, on-chain data reveals a 63.5% increase in network fees to $8.26 million, reflecting increased activity.