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Tuesday, August 9, 2022

Ethereum Balance Goes Down On Crypto Exchanges

The amount of Ethereum’s native token, that has been seen to be in touch with crypto exchanges has fallen to quite a low level since the September of 2018. This does signal the intention of the traders to hold on to hopes of a price rally that will take place in 2022. Around 550,000 ETH- which has a total worth of $1.61 billion- have already left most of the centralized platforms year-to-date, as reported by data from Glassnode. Such a massive outflow has further reduced the exchange’s net-Ether balance to 21.72 million ETH. 

Ethereum Token Has Been On A Free Fall

Interestingly, more than 30% of all of the withdrawals of Ethereum from exchanges have been witnessed in 2022- which appeared in the early part of this week. This was reported by IntoTheBlock, which has also provided information of over 180,000 ETH that left most of the crypto trading platforms on the 15th of March, which brought with itself the weekly outflow’s worth to a little over $500 million as of 18 March. 

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Data from Chainalysis has also shown similar readings, which reveals that the tokens of Ethereum could have left the exchanges just this week at an average of about 120,000 units every day, which was a bullish signal. According to the statistics firm, most of the assets which were held on exchanges usually increased in more participants in the markets wanted to sell than to buy and if most of the buyers choose to store their assets on multiple exchanges. 

The uptake in the withdrawals of Ethereum from exchanges just this week readily coincided with around 190,000 ETH moving into the ‘stETH liquid stakin pool’ of Lido- noted by IntoTheBlock.

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