$1,000,000,000 in Ethereum (ETH) Leaves Centralized Crypto Exchanges in Just Three Weeks: IntoTheBlock

A leading blockchain analytics firm says traders are moving Ethereum (ETH) out of centralized crypto exchanges en masse.

In a new report, IntoTheBlock says it is looking at Ethereum’s exchange netflows, which tracks the ETH moving in and out of centralized crypto exchanges by subtracting the amount of a coin’s withdrawals from its deposits.

According to the intelligence firm, Ethereum witnessed $320 million in outflows last week, bringing the total amount of outflows to $1 billion in just three weeks.

At time of writing, Ethereum is trading for $2,007, up 1.75% in the last 24 hours.

Looking at Bitcoin (BTC), IntoTheBlock says that the crypto king is flashing bullish signals on-chain as fresh capital appears to flow into BTC.

“There are [growing] signs of new entrants buying Bitcoin. The percentage of active addresses that are newly created, as tracked through the New Adoption Rate indicator, reached a yearly high of 67.62% this week.

Bitcoin’s price has also held up strongly while smaller cap crypto-assets rise higher, suggesting inflows into both.” 

IntoTheBlock also notes that the amount of Bitcoin held by long-term holders set a new all-time high last week.

“Addresses holding Bitcoin for over one year have historically been a bellwether for the progress in Bitcoin cycles. Hodlers tend to increase their Bitcoin holdings through bear markets and the beginning of bull markets and decrease them near previous all-time highs

With hodlers’ balance continuing to rise, it appears that investors in aggregate expect Bitcoin to push higher.”

At time of writing, Bitcoin is worth $37,326, up 1.70% in the past day.

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