{"id":36478,"date":"2024-02-27T04:53:00","date_gmt":"2024-02-27T08:53:00","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=36478"},"modified":"2024-02-27T04:53:00","modified_gmt":"2024-02-27T08:53:00","slug":"ethereum-exodus-whales-withdraw-64-million-eth-from-exchanges-bullish-signal","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/27\/ethereum-exodus-whales-withdraw-64-million-eth-from-exchanges-bullish-signal\/","title":{"rendered":"Ethereum Exodus: Whales Withdraw $64 Million ETH From Exchanges, Bullish Signal?"},"content":{"rendered":"

According to data<\/a> from Lookonchain, an on-chain analytics platform, Ethereum (ETH), whales have withdrawn roughly $64.2 million worth of ETH from major exchanges.<\/p>\n

This significant movement of funds coincides with a notable uptick in the price of ETH, indicating an increasing interest in the asset.<\/p>\n

Ethereum Whales Movement Signals Confidence<\/h2>\n

According to Lookonchain\u2019s findings, much of the ETH supply has been shifted from exchange wallets to custodial wallets. The on-chain analytics platform reported that an Ethereum address labeled 0x8B94 had withdrawn an amount of 14,632 ETH<\/a>, valued at approximately $45.5 million, from Binance.<\/p>\n

Lookonchain states these funds have been actively staked within six days, indicating a deliberate move towards adopting long-term investment strategies.<\/p>\n

The analysis from the platform also points out that another two fresh whale wallets have transferred 6,000 ETH, amounting to $18.7 million, from Kraken to undisclosed wallet addresses over the last two days.<\/p>\n

Whales are accumulating $ETH<\/a>!<\/p>\n

0x8B94 withdrew 14,632 $ETH<\/a>($45.5M) from #Binance<\/a> and staked it in the past 6 days.https:\/\/t.co\/bywnrZ2glt<\/a><\/p>\n

2 fresh whale wallets withdrew 6K $ETH<\/a>($18.7M) from #Kraken<\/a> in the past 2 days.https:\/\/t.co\/0kEvOmiv3h<\/a>https:\/\/t.co\/90fqjJXsSu<\/a> pic.twitter.com\/J0ewl8S3OX<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) February 26, 2024<\/a><\/p>\n

This trend suggests an increase in major investors to secure substantial amounts of Ethereum away from exchange platforms, potentially as a means of positioning for long-term asset appreciation.<\/p>\n

Further echoing this is a recent analysis from CryptoQuant\u2019s Quicktake<\/a>, which underscores a notable trend regarding Ethereum withdrawals from exchanges over the past few weeks. This observation relies on the \u201cExchange Reserve\u201d metric, which monitors the quantity of ETH tokens<\/a> held in the wallets of all centralized exchanges.<\/p>\n

When the value of this metric increases, it signifies that investors are depositing more assets than withdrawing them from centralized exchanges, indicating a buildup of Ethereum reserves. Conversely, a decline in the metric suggests a net outflow of assets from these platforms.<\/p>\n

According to data from CryptoQuant, over 800,000 ETH, equivalent to roughly $2.4 billion, has exited cryptocurrency exchanges<\/a> since the beginning of the year. Such substantial outflows from these platforms typically indicate a surge in investor confidence in the Ethereum network and its native token.<\/p>\n

Ethereum\u2019s Price Momentum And Potential For A Significant Breakout<\/h2>\n

Meanwhile, Ethereum\u2019s price has displayed bullish momentum, witnessing a 5.5% increase in the past week and reclaiming the crucial $3,000 mark<\/a>.<\/p>\n

Financial guru Raoul Pal has drawn attention to Ethereum\u2019s potential for a major breakout, pointing to a \u201cdual-chart pattern\u201d observed on the ETH\/BTC chart.<\/p>\n

The ETH\/BTC chart is an absolute stunner\u2026and ready for the next big move the break of the mega wedge\u2026lets see how is pans out\u2026 pic.twitter.com\/5x4tJLjtJy<\/a><\/p>\n

\u2014 Raoul Pal (@RaoulGMI) February 25, 2024<\/a><\/p>\n

Pal highlights a \u201cmega wedge\u201d pattern<\/a> alongside an inner descending channel, indicating a consolidation phase with bullish potential.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

According to data<\/a> from Lookonchain, an on-chain analytics platform, Ethereum (ETH), whales have withdrawn roughly $64.2 million worth of ETH from major exchanges.<\/p>\n

This significant movement of funds coincides with a notable uptick in the price of ETH, indicating an increasing interest in the asset.<\/p>\n

Ethereum Whales Movement Signals Confidence<\/h2>\n

According to Lookonchain\u2019s findings, much of the ETH supply has been shifted from exchange wallets to custodial wallets. The on-chain analytics platform reported that an Ethereum address labeled 0x8B94 had withdrawn an amount of 14,632 ETH<\/a>, valued at approximately $45.5 million, from Binance.<\/p>\n

Lookonchain states these funds have been actively staked within six days, indicating a deliberate move towards adopting long-term investment strategies.<\/p>\n

The analysis from the platform also points out that another two fresh whale wallets have transferred 6,000 ETH, amounting to $18.7 million, from Kraken to undisclosed wallet addresses over the last two days.<\/p>\n

Whales are accumulating $ETH<\/a>!<\/p>\n

0x8B94 withdrew 14,632 $ETH<\/a>($45.5M) from #Binance<\/a> and staked it in the past 6 days.https:\/\/t.co\/bywnrZ2glt<\/a><\/p>\n

2 fresh whale wallets withdrew 6K $ETH<\/a>($18.7M) from #Kraken<\/a> in the past 2 days.https:\/\/t.co\/0kEvOmiv3h<\/a>https:\/\/t.co\/90fqjJXsSu<\/a> pic.twitter.com\/J0ewl8S3OX<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) February 26, 2024<\/a><\/p>\n

This trend suggests an increase in major investors to secure substantial amounts of Ethereum away from exchange platforms, potentially as a means of positioning for long-term asset appreciation.<\/p>\n

Further echoing this is a recent analysis from CryptoQuant\u2019s Quicktake<\/a>, which underscores a notable trend regarding Ethereum withdrawals from exchanges over the past few weeks. This observation relies on the \u201cExchange Reserve\u201d metric, which monitors the quantity of ETH tokens<\/a> held in the wallets of all centralized exchanges.<\/p>\n

When the value of this metric increases, it signifies that investors are depositing more assets than withdrawing them from centralized exchanges, indicating a buildup of Ethereum reserves. Conversely, a decline in the metric suggests a net outflow of assets from these platforms.<\/p>\n

According to data from CryptoQuant, over 800,000 ETH, equivalent to roughly $2.4 billion, has exited cryptocurrency exchanges<\/a> since the beginning of the year. Such substantial outflows from these platforms typically indicate a surge in investor confidence in the Ethereum network and its native token.<\/p>\n

Ethereum\u2019s Price Momentum And Potential For A Significant Breakout<\/h2>\n

Meanwhile, Ethereum\u2019s price has displayed bullish momentum, witnessing a 5.5% increase in the past week and reclaiming the crucial $3,000 mark<\/a>.<\/p>\n

Financial guru Raoul Pal has drawn attention to Ethereum\u2019s potential for a major breakout, pointing to a \u201cdual-chart pattern\u201d observed on the ETH\/BTC chart.<\/p>\n

The ETH\/BTC chart is an absolute stunner\u2026and ready for the next big move the break of the mega wedge\u2026lets see how is pans out\u2026 pic.twitter.com\/5x4tJLjtJy<\/a><\/p>\n

\u2014 Raoul Pal (@RaoulGMI) February 25, 2024<\/a><\/p>\n

Pal highlights a \u201cmega wedge\u201d pattern<\/a> alongside an inner descending channel, indicating a consolidation phase with bullish potential.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-36478","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=36478"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36478\/revisions"}],"predecessor-version":[{"id":36488,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36478\/revisions\/36488"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=36478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=36478"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=36478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}