Whales Withdraw $64 Million ETH From Exchanges: A Bullish Signal?

Ethereum Whales Show Confidence in Long-Term Investment

  • Ethereum whales have withdrawn a significant amount of ETH from exchanges, signaling confidence in the asset’s long-term value.
  • A notable whale, labeled 0x8B94, withdrew 14,632 ETH (approximately $45.5 million) from Binance and staked it within six days.
  • Two fresh whale wallets transferred 6,000 ETH (amounting to $18.7 million) from Kraken to undisclosed addresses over the last two days.

Exchange Reserve Metric Indicates Net Outflow of ETH

  • CryptoQuant’s Exchange Reserve metric shows a decline in the amount of ETH held in centralized exchanges.
  • Over 800,000 ETH (roughly $2.4 billion) has exited cryptocurrency exchanges since the beginning of the year.
  • This net outflow suggests a surge in investor confidence in the Ethereum network and its native token.

Ethereum’s Price Momentum and Potential Breakout

  • Ethereum’s price has displayed bullish momentum, reclaiming the crucial $3,000 mark.
  • Financial expert Raoul Pal sees potential for a major breakout, pointing to a “dual-chart pattern” on the ETH/BTC chart.
  • Pal highlights a “mega wedge” pattern alongside an inner descending channel, indicating a consolidation phase with bullish potential.