A leading blockchain analytics firm says traders are flocking to Ethereum (ETH) from centralized crypto exchanges.
In a new report, IntoTheBlock says it is looking at Ethereum exchange net flows, which track ETH moving in and out of centralized crypto exchanges by subtracting the amount of a coin’s withdrawals from its deposits.
This is what intelligence agency Ethereum reports witnessed Last week saw an outflow of $320 million, bringing the total amount of outflows to $1 billion in just three weeks.
At the time of writing, Ethereum is trading at $2,007, up 1.75% in the last 24 hours.
Looking at Bitcoin (BTC), IntoTheBlock says the crypto king is sending bullish signals up the chain as new capital appears to be flowing into BTC.
“There are [growing] signs of newcomers buying Bitcoin. The percentage of active addresses newly created, as tracked through the New Adoption Rate indicator, reached an annual high of 67.62% this week.
Bitcoin’s price has also held strong, while smaller cap crypto assets are moving higher, indicating inflows into both.”
IntoTheBlock also notes that the amount of Bitcoin held by long-term holders hit a new all-time high last week.
“Addresses that have held Bitcoin for more than a year have historically been a bellwether for progress in Bitcoin cycles. Hodlers tend to increase their Bitcoin holdings through bear markets and the onset of bull markets and reduce them to near previous all-time highs
As holers’ balance sheets continue to rise, it appears that investors in aggregate expect Bitcoin to move higher.”
At the time of writing, Bitcoin is worth $37,326, up 1.70% in the past day.
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Generated image: Midjourney