Recent data released by IntoTheBlock revealed that 180,000 ETH was withdrawn from exchanges on March 15 – the most substantial aggregated exchange withdrawal of Ethereum since October of last year. Within 10 days, Ethereum’s price increased 15%, with it now at a price of $2,969 as of press time.
https://twitter.com/intotheblock/status/1504838298858045459
Investors bullish on Ethereum
Blockchain analytics platform Chainalysis suggests that a maximum of 352,317 ETH may have left exchanges in one day – the magnitude of which hasn’t been estimated by the firm in the last six months, believing these large outflows to be “bullish” indicators.
“Assets held on exchanges increase if more market participants want to sell than to buy and, if buyers choose to store their assets on exchanges,” said the company.
Glassnode data shows that nearly 550,000 ETH have left centralized exchanges to date, reducing the net ETH balance to 21.72 million – from a peak of 31.68 million ETH in mid-2020.