More than 180,000 Ethereum (ETH) tokens have been withdrawn from centralized exchanges (CEXs) over the course of 24 hours, in what is the largest outflow of the cryptocurrency since the start of 2022.
A total of 180.710 ETH was pulled out across a number of different CEXs (such as Kraken, Binance, and Crypto.com) on March 15, according to the crypto market research platform IntoTheBlock which tweeted on March 18.
“Largest Outflows in 2022 – over 180k $ETH was withdrawn from centralized exchanges within a single day,” the tweet specified.
As the price of one ETH on the date of the analysis was $2,590.40, it means that the value of the tokens taken out was over $468 million, the largest such withdrawal in 2022.
The platform also stated that:
“Last time such a magnitude of ETH left exchanges was in Oct 2021, preceding a 15% price increase within ten days”
As a result, there is a chance of a future rise in the price of ETH, since a similar turn of events has occurred in the past after a major exchange outflow.
Ethereum market cap inflows increase while transaction fees drop
The news arrives just one day after Finbold reported on more than $20 billion flowing into Ethereum’s market capitalization in one week. At press time, the market cap of the second largest cryptocurrency was $347.66 billion, according to CoinMarketCap data.
Earlier, Finbold also noted that transaction fees on both the Ethereum and Bitcoin (BTC) blockchains had dropped by 90%, making these networks more affordable to use for the wider public. Specifically, the transaction costs on Ethereum at that time amounted to $8.20.
At the time of publication, Ethereum traded at $2,890, an 11.97% increase from its price a week before, when it stood at $2,581, as per CoinMarketCap data.
Finally, the crypto community at CoinMarketCap projected, with 78% historical accuracy, that Ethereum’s average price will be $3,621 by the end of March.
However, given the current price of ETH and the recent massive outflow from exchanges, onlookers will be keeping a close eye on the DeFi asset to see if it falls back to this level.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.