Ethereum Withdrawals From Coinbase Top $1.2 Billion, What’s Going On?
14 Giugno 2024 - 10:00PM
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Ethereum has seen a number of notable withdrawals that suggests
that crypto whales are expecting a recovery in price. These large
withdrawals has caused the ETH balances on centralized exchanges to
fall to their lowest level since 2016. 336,000 ETH Withdrawn From
Exchanges Crypto analyst Ash Crypto took to X (formerly Twitter) to
reveal a notable change in the amount of ETH that is being held on
centralized exchanges currently. Notably, there has been a marked
increase in the withdrawals of small and large investors alike,
leading to the highest withdrawal trend of 2024 so far. Related
Reading: DOGE To The Moon: This Dogecoin Metric Just Turned Bullish
For The First Time Since 2020 The report focuses on the withdrawals
from the Coinbase exchange, which is the largest crypto exchange in
the United States. The uptick in the withdrawal trend saw a
whopping 336,000 ETH withdrawn from the exchange’s wallets in just
48 hours. This translates to the highest withdrawal trend from the
exchange so far this year. However, Coinbase wasn’t the only crypto
exchange hit hard by the Ethereum withdrawals as the cumulative
exchange addresses saw their ETH balances fall drastically. As the
on-chain tracker Santiment revealed in a report, the total ETH held
on centralized exchange wallets has fallen 8.6% in the last two
weeks alone. These withdrawals have greatly impacted the exchange
balances, causing them to fall to their lowest point in 8 years.
This means that the last time that the exchange balances were this
low was back in 2016, which is three bull markets ago. Will This
Propel Ethereum Price To $10,000? Naturally, the withdrawal of
Ethereum from exchanges is bullish given that this is a trend that
suggests investors are choosing to hold their Ethereum coins rather
than sell them. If coins were moving the other direction and being
deposited on exchanges instead, it would’ve been bearish for the
price as it meant that investors were looking to offload their
holdings for profit. Related Reading: XRP Continues To Struggle
Below $0.5, Ex-Ripple Director Reveals Why Price Action Remains
Muted Crypto analyst Ash Crypto shares the sentiment that the
withdrawals are bullish for the price. According to the analyst,
with Spot Ethereum ETFs set to start trading in 2024 in addition to
this, it means that the ETH price trading above $10,000 is just a
matter of time. Presently, the ETH price is still closely following
the Bitcoin trend. It has recovered above $3,500 once more after
initially falling below this support level on Thursday.
Nonetheless, it continues to nurse losses on the weekly chart, with
CoinMarketCap data showing a decline of 7.88%. Featured image
created with Dall.E, chart from Tradingview.com
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