$5.4 Billion in Ethereum Withdrawn from Exchanges

Significant Ethereum Withdrawals

In the past week, $5.4 billion worth of Ethereum (ETH) has been withdrawn from major cryptocurrency exchanges. This large-scale withdrawal indicates a significant shift in the crypto market dynamics. Binance recorded the highest negative netflow at $2.3 billion, highlighting its role in this trend.

Exchange Netflows

While Binance faced substantial outflows, other exchanges like Coinbase, Kraken, Bitfinex, and Paxos also processed over $1 billion each in deposits and withdrawals. Bybit experienced a positive netflow of $332 million, suggesting a contrasting movement compared to larger exchanges. In contrast, Gemini and FTX recorded negative netflows of $679 million and $591 million, respectively.

Ethereum and Stablecoin Balances

Binance maintains the largest balance of Ethereum stablecoins at $24.7 billion, demonstrating its significant market presence. OKX follows with $2.6 billion, while Huobi, KuCoin, and Bybit hold balances of $823 million, $733 million, and $695 million, respectively.

Detailed ETH Withdrawals

Since November 12, approximately 1.1 million ETH, valued at $1.3 billion, has been withdrawn from exchanges. Binance leads with 5.12 million ETH withdrawn, equivalent to $6.1 billion. Coinbase follows closely with 4.89 million ETH, while Bitfinex, Kraken, and Gemini have seen withdrawals of 2.68 million ETH, 2.07 million ETH, and 1.55 million ETH, respectively.

Current ETH Market Value

The price of Ethereum stands at $1,219.29, reflecting a 0.97% increase over the last 24 hours. This price movement is crucial for investors monitoring the volatile market.

The recent withdrawal trends and price changes underline the dynamic nature of the cryptocurrency market, urging stakeholders to stay informed and cautious.