Summary
- It was reported that over 1 million Ethereum have been withdrawn from exchanges in the past month.
- This is related to the strengthening movement to stockpile Ethereum since the Pectra upgrade.
- Withdrawal from exchanges is evaluated as a positive signal for price increase as it reduces the supply of cryptocurrencies.
Over the past month, more than 1 million Ethereum (ETH) have been withdrawn from cryptocurrency exchanges.
On the 19th (local time), Cointelegraph reported via X (formerly Twitter) that "over 1 million ETH (5.5% of the supply) have been withdrawn from exchanges in the past month," and "the movement to stockpile Ethereum has been strengthening since the Pectra upgrade."
Typically, the withdrawal of cryptocurrencies from exchanges is evaluated as a positive signal for price increase as it reduces the supply of tradable cryptocurrencies.
As of 5:14 PM, Ethereum is trading at $2,408 on the Binance USDT market, down 4.43% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
