Ethereum Sees Biggest Exchange Withdrawals This Year – A Bump In ETH Price In The Offing?

Over 180,000 Ethereum (ETH) tokens have been pulled out from centralized exchanges in the last 24 hours, as traders seek to preserve their cryptocurrency in expectation of bullish price action. According to a March 18 tweet from crypto market analysis site IntoTheBlock, more than $500 million worth of Ethereum was withdrawn on March 16 across a number of different CEXs (including Binance, Kraken, and Crypto.com). Given that the price of one ETH was $2,590.40 on the date of the analysis, the value of the tokens withdrawn was more than half a billion dollars, the highest withdrawal of the year. Ethereum Outflows A Bullish Sign According to the company, this figure reflects the greatest aggregated exchange withdrawal of ETH since October of this year. At the time, total ETH withdrawals coincided with a 16% increase in the cryptocurrency’s price during a ten-day period. Ethereum is the second-largest cryptocurrency in terms of market capitalization, behind Bitcoin. Related Article | Apple Co-Founder Steve Wozniak ‘Feels’ Bitcoin Will Be Worth $100,000 It is a decentralized computing platform capable of running a broad range of applications, including a plethora of decentralized finance (or DeFi) apps and services. On the Ethereum blockchain, everything from financial tools and games to complicated databases is already functioning. And its future possibilities are only constrained by developers’ ideas. As the Ether...