Billions of Dollars in Bitcoin and Ethereum Moved Off Exchanges in the Past Two Weeks
The amount of $Bitcoin(BTC.CC$ and $Ethereum(ETH.CC$ leaving exchanges has grown significantly in the past few days, according to data from glassnode and IntoTheBlock. In the past two weeks, about 61,000 BTC and 151,000 ETH have been transferred out. That is worth about $2.6 billion of BTC and $492 million of ETH.
When major assets like BTC and ETH leave exchanges, it is generally a sign that investors are hoarding the assets because they expect a run upwards. The assets would be left on the exchanges for trading otherwise. As IntoTheBlock notes, when large amounts of ETH moved away from exchanges in Oct. 2021, it led to a 15% increase in price within ten days.
When major assets like BTC and ETH leave exchanges, it is generally a sign that investors are hoarding the assets because they expect a run upwards. The assets would be left on the exchanges for trading otherwise. As IntoTheBlock notes, when large amounts of ETH moved away from exchanges in Oct. 2021, it led to a 15% increase in price within ten days.
However, this is not a guarantee of a bull run. It’s simply that, in the past, there has been a strong correlation between price increases and assets moving off exchanges into other wallets.
Other signs also point towards growth. The number of Bitcoin and Ethereum addresses holding more than 0.1 of their respective assets has grown tremendously in recent times. This indicates that investors are slowly accumulating more of the assets, which is always a good sign for the market.
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