Massive Ethereum exit continues as $450 million leaves exchanges in one day

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.

Source: InTheBlock

Considering Ethereum’s current price of $2,971 at press time, this means that approximately $448.62 million in ETH was withdrawn in a single day.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.

Source: CryptoRank

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.

Source: CoinMarketCap

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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