Ethereum Withdrawals From Coinbase Top $1.2 Billion, What’s Going On?

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As an experienced cryptocurrency analyst, I believe that the recent surge in Ethereum withdrawals from centralized exchanges is a promising sign for the price of ETH. The fact that large investors are choosing to take their coins off exchanges and hold them suggests that they have faith in the Ethereum network’s future growth.

Large-scale cryptocurrency investors, or “crypto whales,” have made notable withdrawals from Ethereum (ETH) held on centralized exchanges. These withdrawals suggest that they anticipate a price increase for ETH. The reduction in ETH balances on these exchanges has dropped to their lowest point since 2016.

336,000 ETH Withdrawn From Exchanges

Crypto expert Ash Crypto shared on X (previously known as Twitter) an intriguing development: the significant rise in the quantity of ETH being withdrawn from centralized exchanges recently. Both small and large investors have been actively withdrawing their ETH, resulting in the highest withdrawal rate recorded in 2024 to date.

As a crypto investor, I’ve been keeping a close eye on the Coinbase exchange, which is the largest crypto exchange in the US. Recently, I’ve noticed an increase in the number of withdrawals from the exchange. In just two days, a staggering 336,000 ETH were taken out of the exchange’s wallets. This is the highest withdrawal volume we’ve seen from Coinbase this year, making it a significant event for crypto investors like myself.

Centralized crypto exchanges, including Coinbase, experienced significant declines in Ethereum balances over the past two weeks. According to the on-chain tracker Santiment’s report, the aggregate Ethereum holdings on these platforms dropped by 8.6%.

I’ve analyzed the data and found that recent withdrawals have significantly decreased the exchange balances to a level not seen since 2016 – a period marking three consecutive bull markets.

Will This Propel Ethereum Price To $10,000?

As a crypto investor, I can tell you that seeing Ethereum being withdrawn from exchanges is an encouraging sign for me. This trend indicates that investors are deciding to keep their Ethereum coins instead of selling them, which is bullish for the price. Conversely, if coins were being deposited onto exchanges in large numbers, it would have been a bearish signal as investors would have appeared to be looking to cash out their holdings for profit.

Crypto expert Ash Crypto expresses his belief that the ongoing Ethereum withdrawals are a positive sign for its price increase. He explains that with the anticipated launch of Spot Ethereum ETFs in 2024, the Ethereum price surpassing $10,000 is imminent.

Currently, ETH‘s price is closely mirroring Bitcoin‘s movement. After dipping beneath $3,500 on Thursday, it has bounced back up but remains in the red on the weekly scale. According to CoinMarketCap, ETH has experienced a 7.88% decrease in value over the past week.

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2024-06-14 23:10