About $1,220,000,000 in Ethereum (ETH) Has Exited Known Crypto Exchange Wallets in Just Three Weeks: Analyst.Cryptocurrency analyst and trader Ali Martinez says hundreds of thousands of Ethereum (ETH) are leaving crypto exchanges as holders accumulate the native asset of the leading smart contract protocol.
Martinez tells his 43,400 followers on the social media platform X that Ethereum potentially is facing a decline in selling pressure after the crypto asset recorded significant outflows from exchanges in less than a month.The Daily Hodl
About $1,220,000,000 in Ethereum (ETH) Has Exited Known Crypto Exchange Wallets in Just Three Weeks: Analyst
Mark Emem February 6, 2024
Cryptocurrency analyst and trader Ali Martinez says hundreds of thousands of Ethereum (ETH) are leaving crypto exchanges as holders accumulate the native asset of the leading smart contract protocol.
Martinez tells his 43,400 followers on the social media platform X that Ethereum potentially is facing a decline in selling pressure after the crypto asset recorded significant outflows from exchanges in less than a month.
“In the past three weeks, nearly 510,000 ETH have been withdrawn from known crypto exchange wallets, totaling a value of approximately $1.22 billion!
This significant outflow indicates a strong Ethereum holder sentiment and potentially less selling pressure in the market.
Based on a chart citing data from crypto analytics platform Glassnode, it appears that the amount of Ethereum on exchanges reached a recent high of just under 14.4 million in December but fell to less than 13.65 million in late January.
Ethereum is trading at $2,316 at time of writing.
Next up is the Ethereum rival Cardano (ADA). According to Martinez, if history repeats itself and Cardano mimics its late 2020 price action, the ninth-largest crypto asset by market cap is likely to start its next market expansion in the coming months.
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