7.8M Ethereum Leaves Binance In Two Months—What Does This Mean for ETH?
The post 7.8M Ethereum Leaves Binance In Two Months—What Does This Mean for ETH? appeared on BitcoinEthereumNews.com.
The Ethereum market has recently seen a notable shift, with significant outflows from centralized exchanges sparking discussions about the near term trajectory of the cryptocurrency. Amid this, Ethereum has recorded a 2.4% decrease in the past 24 hours with a current trading price of $3,858, marking a 21.1% decrease away from its all-time high of $4,878 seen in 2021. Ethereum Withdrawals from Binance Surpass 7.8 Million ETH Data from CryptoQuant reveals that approximately 20.8 million ETH have been withdrawn from centralized exchanges in the past two months, a trend reminiscent of the 2021 bull market. Binance has played a central role in this movement, accounting for over 7.8 million ETH, which represents 33-39% of the total outflows. These outflows could be indicative of investors accumulating ETH for long-term holding or staking purposes, as suggested by CryptoQuant analyst Crazzyblockk. The analyst added: These significant outflows from Binance indicate the platform’s continued influence on the cryptocurrency market, especially in balancing supply and demand for Ethereum. Notably, Binance’s influence is particularly evident given its global user base of 250 million and a record $21.6 billion in deposits this year, according to Crazzyblockk. The substantial outflows from Binance align with bullish market sentiment, as large-scale withdrawals often signal investor confidence. These movements suggest that Ethereum holders are moving their assets off exchanges. This reduction in the available supply of ETH on exchanges can create upward pressure on prices, should demand remains consistent or grows. Etheruem Market Performance And Outlook Ethereum has so far been struggling to make significant price move to the upside ever since the latest crypto market bull run began months ago. Despite Bitcoin seeing consistent gains recording new all-time highs nearly every month, Ethereum has lacked enough upward momentum to push its price past the $4,000 barrier. It is worth noting…
Filed under: News - @ December 19, 2024 4:18 am