Traders withdraw ether from exchanges even amid market fall

by in Cryptocurrency News

Ethereum

Along with bitcoin, the largest altcoin ether (ETH) also suffers losses this week.

The coin on the night of Thursday, May 20, fell in price to $ 2,571. ETH was last traded at this level on April 22 of this year. Cryptocurrency capitalization decreased over the day by almost 25% to $ 295.867 billion.

Recall that on May 13, the ether rate reached $ 4,150, and some analysts bet on its spurt to $ 5,000 by the end of May. There have even been predictions that altcoin will rise in price to $ 10,000 by the end of 2021.

That all changed after a tweet from Elon Musk announcing last week that Tesla would stop accepting bitcoins. After that, all digital currencies fell.

Trending: BNB Chain Gets Back to Normal After a Hack Estimated $100 M

Nevertheless, Viewbase data shows that the outflow of ether from exchanges continues. Such a policy of traders suggests that they still adhere to a strategy of long-term storage of cryptocurrency.

Over the past seven days, 657,770 ETH have left the trading floors for up to $ 1.973 billion. During the same period, investors sent 11,933 bitcoins to exchanges for a total amount of up to $ 486.4 million.

It should be noted that investors withdrawing ether from trading platforms send coins to the ETH 2.0 deposit contract. Now it contains 4 697 890 ETH for a total amount of up to $ 14 billion.