As Ethereum (ETH) rises in price over seven days and hovers around the $3,000 mark, the mass withdrawal of the second-largest cryptocurrency by market capitalization from exchanges continues unabated.
Specifically, over 151,000 ETH left various crypto exchanges on Tuesday, March 22, as seen in a chart shared in a Tweeter by crypto market analysis platform InTheBlock March 23.
Considering Ethereum’s current price of $2,971 at press time, this means that approximately $448.62 million in ETH was withdrawn in a single day.
Ethereum Exit Trend Continues
Finbold previously reported the low amount of Ethereum on centralized exchanges (CEX), with 13.55 million ETH occupying wallets there at the time, just 11.3% of its total circulating supply. These were the lowest levels for the popular cryptocurrency on exchanges since September 2018.
Ethereum’s previous massive exit from exchanges occurred just days before press time when Finbold reported over 180,000 ETH or $534.78 million depending on the current price of ETH, taking off in just 24 hours.
Ethereum pullbacks of such magnitude could potentially signal further price increases. This happened after a massive withdrawal of the cryptocurrency from exchanges in October 2021, when the price rose by 15% in ten days after a large exit.
At press time, Ethereum was trading at $2,971, an increase of 10.69% from the previous week, when its price was $2,684. CoinMarketCap the data shows.
The token is also seeing a 1.2% 24-hour decline as it struggles to reach and stay above the $3,000 mark.
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