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.
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.
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