The data shared by research firm IntoTheBlock in a post on its Twitter handle shows that 1 lakh 80 thousand ETH were withdrawn from cryptocurrency exchanges on Tuesday.
Ethereum blockchain-based digital token Ether has seen a lot of buzz in the past, which is a sign that the cryptocurrency may see a big jump in price. At the beginning of this week, a huge amount of cryptocurrency exchanges were withdrawn from Ethereum. A new report has revealed that 500 million Ether tokens have been withdrawn on cryptocurrency exchanges this week. This outflow clearly shows that investors want to hold the cryptocurrency which is otherwise seen as a sign of its rising prices.
The data shared by cryptocurrency market research firm IntoTheBlock in a post on its Twitter handle shows that as of last Tuesday, 1 lakh 80 thousand ether from cryptocurrency exchanges has been withdrawn. According to the company, this is the biggest ever withdrawal from any exchange since October 2021. The October outflow the company referenced happened 10 days before ether prices rose 15 percent.
This means that the outflow in March 2022 is now larger than the outflow in October 2021, and this could lead to an increase of more than 15 percent in Ether prices. Data from the research firm says that this growth in Ether is already visible. The price of the world’s second largest cryptocurrency on March 152,590 (about Rs 1,96,701). Since then there has been a steady increase in its price. On March 18, the price of this cryptocurrency was $2,814 (approximately Rs 2,13,713) on global exchanges. Its performance of the last 4 days seems to confirm the forecast of the research firm. At the time of writing the news, the global price of Ether was at $2,973 (approximately Rs 2,25,789). These data for the last 5 days clearly indicate that Ether prices are likely to see a steady rise over the next few days, so investors are increasingly withdrawing Ethereum from exchanges to hold the token.
Another report also seems to support IntoTheBlock’s report. According to blockchain data platform Chainalysis, 3 lakh 52 thousand 317 ETH were withdrawn from the exchanges on Tuesday itself. Chainalysis has not recorded such a huge outflow in this cryptocurrency in the last 6 months. The firm believes that such a huge outflow is obviously a sign of a big boom in this cryptocurrency. However, in the past few days, almost all cryptocurrencies are showing a jump. The price of bitcoin has also increased by 8 percent so far. The outflow in this cryptocurrency has also been persistent.