en
Back to the list

Growing Investors’ Interest: Over 327,000 Ethereum (ETH) Flowed Out of Cryptocurrency Exchanges

source-logo  thecryptobasic.com  + 1 more 01 March 2022 18:46, UTC

A recent report from cryptocurrency on-chain metric aggregator platform IntoTheBlock (ITB) suggests that there has been a large movement of Ethereum (ETH) from cryptocurrency exchanges to external addresses. 


IntoTheBlock reports that since February 22, 2022, Ethereum traders have transferred over 327,000 ETH from exchanges to their various external addresses. 

While the development indicates an increase in the growing adoption of Ethereum in recent times, the move has also resulted in a decrease in the supply available to purchase the asset class from crypto trading platforms like Binance, KuCoin, OKEx, Coinbase, etc. 

$ETH has seen 7 days of consecutive outflows from exchanges. As the price increases, the supply available to buy from exchanges has been decreasing non-stop in 2021. Over 327,000 ETH left exchanges since Feb 22nd,” IntoTheBlock tweeted

$ETH has seen 7 days of consecutive outflows from exchanges.

As the price increases, the supply available to buy from exchanges has been decreasing non-stop in 2021.

Over 327,000 ETH left exchanges since Feb 22nd.👀 pic.twitter.com/3Jrjab4vjJ

— IntoTheBlock (@intotheblock) March 1, 2022

Growing Interest in NFT and P2E 

There are a number of reasons that could be responsible for traders purchasing Ethereum from cryptocurrency exchanges and transferring the purchased assets to their external wallets. 

Among the unending list include the massive interest in non-fungible tokens (NFTs) and play-to-earn (P2E) games. 

In recent times, crypto enthusiasts, in a bid to make more gains, have diverted their attention from regular trading on centralized exchanges to delving into NFTs and P2E. 

While other blockchains like Cardano and Solana, among others, also have some of these projects running on their networks, a majority of these initiatives are run on Ethereum. 

With several NFT and P2E projects running on Ethereum, users will be required to invest in these platforms using the blockchain’s native cryptocurrency, Ether (ETH). 

Surging Volume on Ethereum-based OpenSea

According to data provided by Dune Analytics, February is considered the second highest volume month for popular Ethereum-based NFT marketplace OpenSea. 

Per the data, a total of $3.58 billion worth of ethereum was traded on the platform throughout the month of February. 

In January alone, sales on OpenSea skyrocketed to a whopping $4.95 billion.  

Ethereum Surges Above $3,000 

Meanwhile, Ethereum has grown in value in the last 24 hours, surging above $3,000 following reports that Russia could be adopting cryptocurrency to navigate SWIFT sanctions. 

With the growth in Ethereum prices, more traders who transferred the asset class from exchanges to their wallet addresses since February 22, could be in major profit

thecryptobasic.com

Similar news (1)
Add similar news