Ethereum Exodus: Whales Withdraw $64 Million ETH From Exchanges, Bullish Signal?
26 Febrero 2024 - 10:00PM
NEWSBTC
According to data from Lookonchain, an on-chain analytics platform,
Ethereum (ETH), whales have withdrawn roughly $64.2 million worth
of ETH from major exchanges. This significant movement of funds
coincides with a notable uptick in the price of ETH, indicating an
increasing interest in the asset. Related Reading: 800,000 ETH Flow
Out Of Centralized Exchanges In 2024 – Bullish Sign For Ethereum
Price? Ethereum Whales Movement Signals Confidence According to
Lookonchain’s findings, much of the ETH supply has been shifted
from exchange wallets to custodial wallets. The on-chain analytics
platform reported that an Ethereum address labeled 0x8B94 had
withdrawn an amount of 14,632 ETH, valued at approximately $45.5
million, from Binance. Lookonchain states these funds have been
actively staked within six days, indicating a deliberate move
towards adopting long-term investment strategies. The analysis from
the platform also points out that another two fresh whale wallets
have transferred 6,000 ETH, amounting to $18.7 million, from Kraken
to undisclosed wallet addresses over the last two days. Whales are
accumulating $ETH! 0x8B94 withdrew 14,632 $ETH($45.5M) from
#Binance and staked it in the past 6 days.https://t.co/bywnrZ2glt 2
fresh whale wallets withdrew 6K $ETH($18.7M) from #Kraken in the
past 2 days.https://t.co/0kEvOmiv3hhttps://t.co/90fqjJXsSu
pic.twitter.com/J0ewl8S3OX — Lookonchain (@lookonchain) February
26, 2024 This trend suggests an increase in major investors to
secure substantial amounts of Ethereum away from exchange
platforms, potentially as a means of positioning for long-term
asset appreciation. Further echoing this is a recent analysis from
CryptoQuant’s Quicktake, which underscores a notable trend
regarding Ethereum withdrawals from exchanges over the past few
weeks. This observation relies on the “Exchange Reserve” metric,
which monitors the quantity of ETH tokens held in the wallets of
all centralized exchanges. When the value of this metric increases,
it signifies that investors are depositing more assets than
withdrawing them from centralized exchanges, indicating a buildup
of Ethereum reserves. Conversely, a decline in the metric suggests
a net outflow of assets from these platforms. According to data
from CryptoQuant, over 800,000 ETH, equivalent to roughly $2.4
billion, has exited cryptocurrency exchanges since the beginning of
the year. Such substantial outflows from these platforms typically
indicate a surge in investor confidence in the Ethereum network and
its native token. Ethereum’s Price Momentum And Potential For A
Significant Breakout Meanwhile, Ethereum’s price has displayed
bullish momentum, witnessing a 5.5% increase in the past week and
reclaiming the crucial $3,000 mark. Financial guru Raoul Pal has
drawn attention to Ethereum’s potential for a major breakout,
pointing to a “dual-chart pattern” observed on the ETH/BTC chart.
The ETH/BTC chart is an absolute stunner…and ready for the next big
move the break of the mega wedge…lets see how is pans out…
pic.twitter.com/5x4tJLjtJy — Raoul Pal (@RaoulGMI) February 25,
2024 Pal highlights a “mega wedge” pattern alongside an inner
descending channel, indicating a consolidation phase with bullish
potential. Related Reading: Ethereum Breaks Back Above $3,000, Will
FOMO Lead To Top Again? Featured image from Unsplash, Chart from
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