Ethereum outflow from exchanges reached a peak since the start of the year

More than 180 000 ETH ($526,6 million) were withdrawn from centralized exchanges in 24 hours

19.03.2022 - 09:45

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What’s new? On March 18, a record outflow of Ethereum cryptocurrency from centralized exchanges since the beginning of 2022 was recorded. A total of more than 180 000 ETH ($526,6 million as at the exchange rate on March 19) was withdrawn, the research firm IntoTheBlock reported on Twitter. Chainalysis confirmed IntoTheBlock’s figures, with additional calculations suggesting up to 352 317 ETH could have been withdrawn from exchanges on the same day.

Source: Twitter.com

What does this figure mean? According to Chainalysis analysts, such an outflow of coins may signal the arrival of a bullish period for the market. ETH is up 14% for the week, with the altcoin trading at $2933 as of March 19.

Earlier, it was reported that fees on the Ethereum network dropped to a record six-month low. The blockchain developers also launched the final testnet before switching to the Proof-of-Stake algorithm.

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