Skip to content Skip to sidebar Skip to footer


Ethereum (ETH) is exiting crypto exchanges at a rapid pace this week, while Bitcoin (BTC) is moving in the direction of the opposition, according to Lucas Outumuro, head of research at analytics firm IntoTheBlock.

in a new analysisOutumuro notes that Ethereum has seen nearly $1 billion in net outflows over the past week, which he says suggests “heavy buying activity” and indicates potential accumulation.

According to IntoTheBlock, net flow is measured by obtaining the amount of inflows of any crypto asset to centralized exchanges minus outflows.

Conversely, Bitcoin saw weekly centralized exchange net inflows of $132 million, potentially signaling selling pressure.

A study 2021 published by crypto analytics firm Santiment indicates that large increases in exchange flows tend to lead to an average price drop of 5% for crypto assets.

Despite the difference in exchange flows, both crypto assets have seen an increase in fees and on-chain activity, according to Outumuro.

Source: IntoTheBlock

Outumuro also notes that investors are holding their Bitcoin at high rates: 60% of BTC supply has been held for over a year, and a record 24.3% has been held for over five years.

BTC is trading at $24,621 at the time of writing. The top-ranked crypto asset by market capitalization is up 2.75% in the past day and over 5% in the past week.

ETH is trading at $1,966 at the time of writing. The second-largest crypto asset by market cap is up nearly 5% in the past 24 hours and more than 14% in the past seven days.

Don’t miss a beat – Subscribe to receive crypto email alerts straight to your inbox

Check price action

follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Blend

Check the latest news headlines

&nbsp

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Featured Image: Shutterstock/DM7/pikepicture





Source link

Leave a comment