A torrent of Ethereum has flowed out of centralized crypto exchanges and into private wallets over the past several weeks.
ETH recorded $320M in exchange outflows this week, and over $1B through the last three weeks! pic.twitter.com/g1xJfh5p9U
— IntoTheBlock (@intotheblock) November 17, 2023
According to blockchain analytics provider IntoTheBlock, Ethereum saw $320 million in exchange outflows just this week. Over the preceding three weeks, the total topped $1 billion.
Massive exchange outflows frequently signal traders are moving assets into secure storage for an extended investment horizon rather than keeping them on an exchange for active trading. Some experts contend the withdrawals reflect improving sentiment around Ethereum’s long-term trajectory as investors choose storage over liquidation.
Ethereum is currently hovering around $2,019, up 0.40% over the last 24 hours according to TradingView.
Trading volumes and volatility have also picked up recently across decentralized apps and protocols, driving up transaction fees on the network.
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In parallel, more traditional finance players are looking to grant mainstream investors exposure to Ethereum’s price movements.