A leading blockchain analytics firm says traders are moving Ethereum (ETH) out of centralized crypto exchanges en masse.
In a new report, IntoTheBlock says it is looking at Ethereum’s exchange netflows, which tracks the ETH moving in and out of centralized crypto exchanges by subtracting the amount of a coin’s withdrawals from its deposits.
According to the intelligence firm, Ethereum witnessed $320 million in outflows last week, bringing the total amount of outflows to $1 billion in just three weeks.
At time of writing, Ethereum is trading for $2,007, up 1.75% in the last 24 hours.
Looking at Bitcoin (BTC), IntoTheBlock says that the crypto king is flashing bullish signals on-chain as fresh capital appears to flow into BTC.
“There are [growing] signs of new entrants buying Bitcoin. The percentage of active addresses that are newly created, as tracked through the New Adoption Rate indicator, reached a yearly high of 67.62% this week.
Bitcoin’s price has also held up strongly while smaller cap crypto-assets rise higher, suggesting inflows into both.”
IntoTheBlock also notes that the amount of Bitcoin held by long-term holders set a new all-time high last week.
“Addresses holding Bitcoin for over one year have historically been a bellwether for the progress in Bitcoin cycles. Hodlers tend to increase their Bitcoin holdings through bear markets and the beginning of bull markets and decrease them near previous all-time highs
With hodlers’ balance continuing to rise, it appears that investors in aggregate expect Bitcoin to push higher.”
At time of writing, Bitcoin is worth $37,326, up 1.70% in the past day.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Generated Image: Midjourney
Read the full article here