Amid this, Ethereum has recorded a 2.4% decrease in the past 24 hours with a current trading price of $3,858, marking a 21.1% decrease away from its all-time high of $4,878 seen in 2021.<\/p>\n
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Ethereum Whales Load Up: Bullish Sign Or Bear Trap?<\/a><\/div>\nEthereum Withdrawals from Binance Surpass 7.8 Million ETH<\/h2>\n Data<\/a> from CryptoQuant reveals that approximately 20.8 million ETH have been withdrawn from centralized exchanges in the past two months, a trend reminiscent of the 2021 bull market. Binance has played a central role in this movement, accounting for over 7.8 million ETH, which represents 33-39% of the total outflows.<\/p>\nThese outflows could be indicative of investors accumulating ETH for long-term holding or staking purposes, as suggested by CryptoQuant analyst Crazzyblockk. The analyst added:<\/p>\n
These significant outflows from Binance indicate the platform’s continued influence on the cryptocurrency market, especially in balancing supply and demand for Ethereum.<\/p><\/blockquote>\n
Notably, Binance’s influence is particularly evident given its global user base of 250 million and a record $21.6 billion in deposits this year, according to Crazzyblockk.<\/p>\n
The substantial outflows from Binance align with bullish market sentiment, as large-scale withdrawals often signal investor confidence. These movements suggest that Ethereum holders are moving their assets off exchanges<\/a>.<\/p>\nThis reduction in the available supply of ETH on exchanges can create upward pressure on prices<\/a>, should demand remains consistent or grows.<\/p>\nEtheruem Market Performance And Outlook<\/h2>\n Ethereum has so far been struggling to make significant price move to the upside ever since the latest crypto market bull run began months ago.<\/p>\nETH price is moving upwards on the 2-hour chart. Source: ETH\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\nDespite Bitcoin seeing consistent gains recording new all-time highs nearly every month, Ethereum has lacked enough upward momentum to push its price past the $4,000 barrier<\/a>.<\/p>\nIt is worth noting that this sluggish performance from Ethereum comes amid the positive developments ongoing in the crypto space<\/a> including the recent news of Deutsche Bank, Germany\u2019s largest lender reportedly<\/a> working on its own layer-2 (L2) blockchain on Ethereum using ZKsync technology.<\/p>\n