Mass Exodus of Ethereum from Centralized Exchanges
A top blockchain analytics firm has reported that traders are moving Ethereum (ETH) out of centralized crypto exchanges in large numbers. According to IntoTheBlock, Ethereum has experienced $320 million in outflows in the past week alone, totaling $1 billion in just three weeks.
Positive Indicators for Bitcoin (BTC)
At the time of writing, Ethereum is trading for $2,007, showing a 1.75% increase in the last 24 hours. Meanwhile, Bitcoin is displaying bullish signals on-chain, with a surge of fresh capital flowing in. The percentage of active addresses that are newly created reached a yearly high of 67.62% this week, suggesting new entrants are buying Bitcoin.
Additionally, long-term holders of Bitcoin set a new all-time high last week, indicating that investors expect Bitcoin to push higher. At the time of writing, Bitcoin is worth $37,326, up 1.70% in the last day.
Stay Updated on Cryptocurrency News
The movement of Ethereum out of centralized exchanges and the positive indicators for Bitcoin suggest that the cryptocurrency market is undergoing significant changes. Keep an eye on these developments and stay updated on cryptocurrency news to make informed decisions about your crypto investments.
Hot Take: Significant Exodus of Ethereum and Positive Signs for Bitcoin
As Ethereum experiences a mass exodus from centralized exchanges and Bitcoin displays positive on-chain indicators, the crypto market is entering a dynamic phase. The movement of Ethereum and the upswing in Bitcoin activity signal potential shifts in the cryptocurrency landscape, emphasizing the importance of staying informed and vigilant as an investor.
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