400K ETH Withdrawn from Exchanges: Bullish Trend for Ethereum On-chain data provider IntoTheBlock recently reported via Twitter that over 400,000 ETH has been withdrawn from major exchanges this month. This significant outflow suggests a bullish trend for Ethereum (ETH) in the market. When large amounts of ETH are withdrawn from exchanges, it often indicates that holders are moving their assets to non-custodial wallets, such as hardware wallets or software wallets. This suggests that they are less likely to sell their ETH in the short term and may be anticipating a price increase. The withdrawal of such a large amount of ETH from exchanges is a positive sign for the cryptocurrency's long-term prospects, as it indicates growing confidence among investors. As more holders take custody of their ETH, it reduces the supply available on exchanges, which can potentially lead to higher prices. This news is particularly significant given the recent price action of ETH, which has been hovering around $1,200-$1,300 range for several weeks. The withdrawals from exchanges suggest that investors are becoming more bullish on ETH and expect the price to rise in the coming months.

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