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
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
