Summary
- It was reported that the exchange withdrawals of Ethereum (ETH) hit a 7-month low.
- The decrease in withdrawals indicates a reduction in the amount being moved to private wallets or cold storage.
- This suggests a lack of long-term holding plans for the coins, raising the possibility that investors are preparing for selling.
On the 26th (local time), according to the cryptocurrency-focused media BeInCrypto, the amount of Ethereum (ETH) withdrawn from cryptocurrency exchanges has fallen to its lowest level in 7 months.
According to on-chain data analysis firm Glassnode, Ethereum exchange withdrawals recorded 59,755 ETH as of the 25th (local time), marking the lowest level since August 31 of last year.
The media explained, "The decline in Ethereum and increasing market uncertainty are evident," adding, "The decrease in exchange withdrawals means that the amount being moved to private wallets or cold storage is decreasing."
Additionally, it stated, "This suggests there is no long-term holding plan for the coins," and "It can be interpreted as a signal that holders are preparing to sell by keeping Ethereum on exchanges."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
