Ethereum
has
seen
a
number
of
notable
withdrawals
that
suggests
that
crypto
whales
are
expecting
a
recovery
in
price.
These
large
withdrawals
has
caused
the
ETH
balances
on
centralized
exchanges
to
fall
to
their
lowest
level
since
2016.

336,000
ETH
Withdrawn
From
Exchanges

Crypto
analyst
Ash
Crypto
took
to
X
(formerly
Twitter)
to

reveal
a
notable
change
in
the
amount
of

ETH
that
is
being
held
on
centralized
exchanges
currently.
Notably,
there
has
been
a
marked
increase
in
the
withdrawals
of
small
and
large
investors
alike,
leading
to
the
highest
withdrawal
trend
of
2024
so
far.

 

Related
Reading

The
report
focuses
on
the
withdrawals
from
the
Coinbase
exchange,
which
is
the
largest
crypto
exchange
in
the
United
States.
The
uptick
in
the
withdrawal
trend
saw
a
whopping
336,000
ETH
withdrawn
from
the
exchange’s
wallets
in
just
48
hours.
This
translates
to
the
highest
withdrawal
trend
from
the
exchange
so
far
this
year.

However,
Coinbase
wasn’t
the
only
crypto
exchange
hit
hard
by
the

Ethereum
withdrawals
as
the
cumulative
exchange
addresses
saw
their

ETH
balances
fall
drastically.
As
the
on-chain
tracker
Santiment

revealed
in
a
report,
the
total
ETH
held
on
centralized
exchange
wallets
has
fallen
8.6%
in
the
last
two
weeks
alone.

These
withdrawals
have
greatly
impacted
the
exchange
balances,
causing
them
to
fall
to
their
lowest
point
in
8
years.
This
means
that
the
last
time
that
the
exchange
balances
were
this
low
was
back
in
2016,
which
is
three
bull
markets
ago.

Will
This
Propel
Ethereum
Price
To
$10,000?

Naturally,
the

withdrawal
of
Ethereum
from
exchanges
is
bullish
given
that
this
is
a
trend
that
suggests
investors
are
choosing
to
hold
their
Ethereum
coins
rather
than
sell
them.
If
coins
were
moving
the
other
direction
and
being
deposited
on
exchanges
instead,
it
would’ve
been
bearish
for
the
price
as
it
meant
that
investors
were
looking
to
offload
their
holdings
for
profit.

 

Related
Reading

Crypto
analyst
Ash
Crypto
shares
the
sentiment
that
the
withdrawals
are
bullish
for
the
price.
According
to
the
analyst,
with

Spot
Ethereum
ETFs
set
to
start
trading
in
2024
in
addition
to
this,
it
means
that

the
ETH
price
trading
above
$10,000
is
just
a
matter
of
time.

Presently,
the

ETH
price
is
still
closely
following
the
Bitcoin
trend.
It
has
recovered
above
$3,500
once
more
after
initially
falling
below
this
support
level
on
Thursday.
Nonetheless,
it
continues
to
nurse
losses
on
the
weekly
chart,
with
CoinMarketCap
data
showing
a
decline
of
7.88%.

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson

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