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.
IntoTheBlock’s analysis of Ethereum’s exchange netflows revealed a substantial outflow of $320 million in the past week alone, contributing to a total outflow of $1 billion in just three weeks.
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
In parallel, observations by IntoTheBlock suggest positive on-chain indicators for Bitcoin (BTC), hinting at the influx of fresh capital into the market.
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.
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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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
