Users have withdrawn $1 billion worth of Ethereum from exchanges

The entire amount of funds was withdrawn in one week from February 22 to March 1

03.03.2022 - 09:25

1 min

What’s new? About 327 000 Ethereum were withdrawn from crypto exchanges in the past week, according to IntoTheBlock, an analytics platform. That is about $1 billion at the current exchange rate. The experts believe this happened because of the geopolitical tensions between Western countries, Ukraine and Russia.

$ETH has seen 7 days of consecutive outflows from exchanges.As the price increases, the supply available to buy from exchanges has been decreasing non-stop in 2021.Over 327,000 ETH left exchanges since Feb 22nd.👀 pic.twitter.com/3Jrjab4vjJ— IntoTheBlock (@intotheblock) March 1, 2022

What else is known about the situation? Ethereum has risen 20% over the past week, with the increase in price coinciding with an acceleration of the outflow of users’ funds from exchanges. The analysts attribute the outflow to investors’ desire to lock in profits from the growth of the exchange rate. In addition, the conflict in Ukraine spurred users to withdraw crypto-assets from exchanges for fear of possible bans and blockages.

Recall that earlier was mentioned that the Kraken exchange has no plans to block users from Russia. However, the head of the company is ready for the fact that such a demand may come soon from both the authorities of foreign states and the Russian government.

Author: