Ethereum

2024

Momentum

Million

According to <a href="https://twitter.com/lookonchain/status/1761951509087240517?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">data</a> from Lookonchain, an on-chain analytics platform, Ethereum (ETH), whales have withdrawn roughly $64.2 million worth of ETH from major exchanges. 
This significant movement of funds coincides with a notable uptick in the price of ETH, indicating an increasing interest in the asset. 
<h2 id="ethereum-whales-movement-signals-confidence">Ethereum Whales Movement Signals Confidence</h2> 
According to Lookonchain’s findings, much of the ETH supply has been shifted from exchange wallets to custodial wallets. The on-chain analytics platform reported that an Ethereum address labeled 0x8B94 had withdrawn an amount of 14,632 <a href="https://www.newsbtc.com/news/ethereum/ethereum-whale-buys-187-million-eth-in-3-day-spree-anticipating-further-surge/" target="_blank" rel="noopener ">ETH</a>, valued at approximately $45.5 million, from Binance. 
Lookonchain states these funds have been actively staked within six days, indicating a deliberate move towards adopting long-term investment strategies. 
The analysis from the platform also points out that another two fresh whale wallets have transferred 6,000 ETH, amounting to $18.7 million, from Kraken to undisclosed wallet addresses over the last two days. 
<blockquote class="twitter-tweet"> 
 Whales are accumulating <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$ETH</a>! 
 0x8B94 withdrew 14,632 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$ETH</a>($45.5M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Binance</a> and staked it in the past 6 days.<a href="https://t.co/bywnrZ2glt" target="_blank" rel="noopener nofollow">https://t.co/bywnrZ2glt</a> 
 2 fresh whale wallets withdrew 6K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$ETH</a>($18.7M) from <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Kraken</a> in the past 2 days.<a href="https://t.co/0kEvOmiv3h" target="_blank" rel="noopener nofollow">https://t.co/0kEvOmiv3h</a><a href="https://t.co/90fqjJXsSu" target="_blank" rel="noopener nofollow">https://t.co/90fqjJXsSu</a> <a href="https://t.co/J0ewl8S3OX" target="_blank" rel="noopener nofollow">pic.twitter.com/J0ewl8S3OX</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1761951509087240517?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 26, 2024</a>
</blockquote> 
This trend suggests an increase in major investors to secure substantial amounts of Ethereum away from exchange platforms, potentially as a means of positioning for long-term asset appreciation. 
Further echoing this is a recent analysis from <a href="https://cryptoquant.com/insights/quicktake/65d8ac81e67c207e93963f0b-An-over-800000-Ether-reduction?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=madseberhardt_steno" target="_blank" rel="noopener nofollow">CryptoQuant’s Quicktake</a>, which underscores a notable trend regarding Ethereum withdrawals from exchanges over the past few weeks. This observation relies on the “Exchange Reserve” metric, which monitors the quantity of <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-retreats-from-3k/" target="_blank" rel="noopener ">ETH tokens</a> held in the wallets of all centralized exchanges. 
When the value of this metric increases, it signifies that investors are depositing more assets than withdrawing them from centralized exchanges, indicating a buildup of Ethereum reserves. Conversely, a decline in the metric suggests a net outflow of assets from these platforms. 
According to data from CryptoQuant, <a href="https://www.newsbtc.com/news/ethereum/800000-eth-flow-out-of-centralized-exchanges-in-2024-bullish-sign-for-ethereum-price/" target="_blank" rel="noopener ">over 800,000 ETH, equivalent to roughly $2.4 billion, has exited cryptocurrency exchanges</a> since the beginning of the year. Such substantial outflows from these platforms typically indicate a surge in investor confidence in the Ethereum network and its native token. 
<h2 id="ethereum-s-price-momentum-and-potential-for-a-significant-breakout">Ethereum’s Price Momentum And Potential For A Significant Breakout</h2> 
Meanwhile, Ethereum’s price has displayed bullish momentum, witnessing a 5.5% increase in the past week and reclaiming <a href="https://www.newsbtc.com/news/ethereum/ethereum-breaks-3000-fomo-lead-top-again/" target="_blank" rel="noopener ">the crucial $3,000 mark</a>. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/r6K14Ke8/" alt="Ethereum (ETH) ETH price chart on TradingView" width="2770" height="1556"> 
Financial guru Raoul Pal has drawn attention to Ethereum’s potential for a major breakout, pointing to a “dual-chart pattern” observed on the ETH/BTC chart. 
<blockquote class="twitter-tweet"> 
 The ETH/BTC chart is an absolute stunner…and ready for the next big move the break of the mega wedge…lets see how is pans out… <a href="https://t.co/5x4tJLjtJy" target="_blank" rel="noopener nofollow">pic.twitter.com/5x4tJLjtJy</a> 
 — Raoul Pal (@RaoulGMI) <a href="https://twitter.com/RaoulGMI/status/1761901038687162503?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 25, 2024</a>
</blockquote> 
Pal highlights <a href="https://www.newsbtc.com/news/ethereum/ethereum-price-tops-3100-mega-wedge-breakout/" target="_blank" rel="noopener ">a “mega wedge” pattern</a> alongside an inner descending channel, indicating a consolidation phase with bullish potential. 
Featured image from Unsplash, Chart from TradingView

Ethereum Exodus: Whales Withdraw $64 Million ETH From Exchanges, Bullish Signal?

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