The outflow of Ether (ETH) from cryptocurrency exchanges has been increasing since mid-January 2021. Many analysts have previously paid attention to this trend.
Alex Saunders tweeted that January 22 saw the most massive outflow of digital currency from marketplaces. In just an hour, the exchanges left 659,000 ETH.
Largest withdrawal of $ETH ever? 659k ETH left exchanges in a single hour yesterday as dip buyers sent coins to their stack & stake. Great data as always @cryptoquant_com!
— Alex Saunders 🇦🇺👨🔬 (@AlexSaundersAU) January 23, 2021
🌏✅🚀 #EIP1559 #Quartering #YieldFarming pic.twitter.com/DjqvYOspKd
Saunders suggested that ether holders moved their coins to offline wallets, sent them to the DeFi decentralized finance market or the ETH 2.0 contract. Any of these actions by investors indicate that they expect the altcoin rally to continue. On the eve of ETH, it jumped to $ 1,453 - this is the highest altcoin value in its entire history. Today, the cryptocurrency is trading in the $ 1390 area, retreating slightly after the race.
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The report from the InoTheBlock team also mentions a large-scale withdrawal of air from trading floors last Friday, January 22.
On this day, investors withdrew more than 934,000 ETH - this is the largest outflow in the last four years. The largest share of the cryptocurrency was withdrawn from the Bitstamp exchange, the researchers emphasized.