Sentora (formerly IntoTheBlock) reported that $1.2 billion worth of Ethereum was withdrawn from centralized exchanges over the past seven days. This indicates that the altcoin is continuing to accumulate and selling pressure is easing.

The steady trend towards outflow of funds has intensified since the beginning of May, but in the period from April 24 to May 1 this indicator was negative.

Notably, the last time centralized exchanges recorded a positive inflow of $50 million in Ethereum was on April 27. Just the day before, on April 26, these exchanges saw an outflow of $166.68 million.

Spot funds based on the leading altcoin also saw capital outflows. Lookonchain data from May 13 showed that the combined net outflow from nine ETH ETFs was 4,189,000 ETH, or $10.83 million.

Fidelity led the withdrawals with 3,247,000 ETH ($8.39 million), while its assets fell to 400,916 ETH ($1.04 billion). Grayscale's ETHE led the outflows over the past week, as investors were disappointed with its 2.5% management fee compared to BlackRock's much lower 0.25% fee.

The total net asset value of ETH spot funds has fallen to nearly $8.03 billion, representing 2.84% of the leading altcoin's market cap.