Ethereum: Over $1B Leaves CEXs: Bitcoin Gains Ground
Recent data from a prominent blockchain analysis firm indicates a significant shift in Ethereum (ETH) movement away from centralized cryptocurrency exchanges.
ETH recorded $320M in exchange outflows this week, and over $1B through the last three weeks! pic.twitter.com/g1xJfh5p9U
— IntoTheBlock (@intotheblock) November 17, 2023
Data indicates a surge in new participants entering the Bitcoin space, with a notable increase in the proportion of recently created active addresses, reaching a yearly high of 67.62% this week.
Bitcoin’s resilience in value while witnessing smaller-cap cryptocurrencies surging implies increased capital inflow into both segments of the market.
Additionally, IntoTheBlock emphasizes the record-high accumulation of Bitcoin by long-term holders, historically linked to significant shifts in Bitcoin’s market cycles. Long-term holders typically bolster their Bitcoin holdings during bearish market phases and the initial stages of bullish trends, trimming them near previous all-time highs.
The continued rise in Bitcoin holdings among long-term investors implies a collective expectation of a bullish trajectory for Bitcoin.
As of the latest update, Bitcoin is valued at $37,326, reflecting a 1.70% increase in value over the past day.