As Ethereum (ETH) increases its seven-day price and hovers around the $3,000 mark, the massive withdrawal of the second-largest cryptocurrency by market cap from exchanges continues unabated.
Specifically, more than 151,000 ETH left various crypto exchanges on Tuesday, March 22, as demonstrated on a chart shared in a tweet by the crypto market analytics platform IntoTheBlock on March 23.
Considering the current price of Ethereum, which stood at $2,971 at press time, this means that around $448.62 million in ETH was withdrawn over the course of a single day.
Ethereum outflow trend continues
Finbold has earlier reported on the low amount of Ethereum on centralized exchanges (CEXs), with 13.55 million ETH occupying the wallets there at the time, or only 11.3% of its total circulating supply. These were the lowest levels of the popular cryptocurrency on exchanges since September 2018.
The previous massive outflow of Ethereum from the exchanges happened only days before press time when Finbold reported on more than 180,000 ETH or $534.78 million according to the current ETH price, taken off in just 24 hours.
Withdrawals of Ethereum in such a magnitude could potentially indicate a subsequent price increase. This is what happened after a massive withdrawal of the cryptocurrency from the exchanges in October 2021, when the price grew by 15% within ten days after a major outflow.
At the time of publication, Ethereum was trading at $2,971, which is a 10.69% increase from the week before, when its price was $2,684, CoinMarketCap data shows.
The token is also witnessing a 24-hour drop of 1.2% as it struggles to reach and remain above the $3,000 mark.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.