Centralized cryptocurrency exchanges or CEX are emptying of Ethereum. This is the observation of a renowned blockchain analysis company over a period of three weeks. What is going on ? We explain everything to you!
CEXs hollowed out from ETH
Last March, Tim Shan, an expert at Dexalot, prophesied the end of Centralized Exchange (CEX). Because the fall of TerraForm Labs and the FTX fiasco, both at the origin of several billion dollars in losses, would push investors to choose Decentralized Exchange (DEX), where there is no “ employees to hold the assets ».
“ Over $1 Billion in ETH Left CEX over the last few weeks due to thegrowing interest in whales.
– According to onchain analytics firm IntoTheBlock, Ethereum, the second-largest cryptocurrency by market value, has experiencedmajor trade retreats over the last few weeks. More than $1 billion in ETH was withdrawn from cryptocurrency exchanges during this period. »
Alerted to the situation, The Daily Hodl provided ample explanations on this subject. IntoTheBlock’s analysis systems have indeed made it possible to observe mass movements of crypto ETH outside centralized exchanges lately. The billion dollar figure comes from an analysis of net ether exchange flows based on movements in and out of these exchanges cryptocurrency exchange.
Obviously, there were indeed subtractions in the amount of coin withdrawals compared to deposits.
IntoTheBlock also revealed that the equivalent of $320 million in Ethereum was exfiltrated from these centralized platforms last week.
But this news did not prevent ether from gaining a few points in its ascent. As we write these lines, the prince of cryptos displays an increase of 3.5% over 24 hours. And the coin is trading at $2,021.57.
Bitcoin, the promised land of crypto traders?
IntoTheBlock continued its analysis on the queen of cryptocurrencies, bitcoin. According to this blockchain analysis company, BTC is in the process of issuing bullish signals Right now. And new capital appears to be flowing into this asset.
“ There are signs [croissants] new entrants buying bitcoin. The percentage of newly created active addresses, as tracked by the New Adoption Rate indicator, reached a yearly high of 67.62% this week », Specified his team.
Reason why bitcoin was able to maintain its bullish course. 37,142.44 dollars, this represents an increase of 24.6% for a period of 30 days, underlines CoinGecko.
Add to this the record recently achieved in the quantity of bitcoins held by long-term hodlers, as well as the increase displayed by certain cryptocurrencies with smaller capitalization. And the count is good!
In any case, this observation from IntoTheBlock should push CEXs to accelerate their growth strategy based on security and financial stability to achieve the objectives set for 2023.
Receive a summary of the news in the world of cryptocurrencies by subscribing to our new servicedaily and weekly so you don’t miss anything of the Tremplin.io essentials!