A report on withdrawals from Coinbase, the largest US cryptocurrency exchange, shows that 336,000 ETH was withdrawn from the exchange's wallets in 48 hours. This is the highest withdrawal rate from the exchange this year.
However, #Coinbase wasn't the only cryptocurrency exchange hit hard by #ЛюбимыйТокен withdrawals: #ЛюбимыйТокен balances plummeted across all of the exchange's addresses combined. As reported by blockchain tracker Santiment, total ETH on centralized exchange wallets has fallen by 8.6% in the past two weeks alone.
These withdrawals have severely impacted the exchanges' balance sheets, which have fallen to their lowest levels in eight years. In other words, the last time exchange balances were this low was in 2016, three bull markets ago.
Will this raise the price of Ethereum to $BTC The withdrawal of Ethereum from exchanges is unsurprisingly bullish, as it indicates that investors are choosing to hold rather than sell Ethereum coins. If the coin were to move in the opposite direction and instead be floated on an exchange, this would be a bearish trend for the price as it would mean that investors are looking to get rid of their assets at a profit.
Crypto analyst Ash Crypto shares the view that withdrawals are bullish for prices. According to the analyst, given that the spot Ethereum ETF will start trading in 2024, it is only a matter of time before the price of ETH exceeds $ 10,000.
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