Ethereum has been making a lot of headlines lately due to the upcoming upgrade that will affect the transaction fees. On the other hand, ETH went straight to the moon and managed to reach a new ATH.
Earlier today, it’s been revealed that CNBC notes that the interest in cryptos has surged over the past year, with BTC continuously pushing new record highs.
The same online publication mentioned above notes that there are a number of factors, including rising institutional interest and major companies such as Tesla buying the digital coin that have been credited with its rise.
At the moment of writing this article, ETH is trading in the green, and the digital asset is priced at $3,307.84 on CoinMarketCap.
Ethereum coins are withdrawn from centralized exchanges
Now, ETH makes headlines again. Check out what’s going on with ETH coins lately.
Ethereum coins are being withdrawn from centralised exchanges and put into smart contracts and DeFi applications.https://t.co/e9y8JSB2ue pic.twitter.com/V9Nzo5xDA8
— unfolded. (@cryptounfolded) May 4, 2021
You can check out more details about the crypto market overview in Glassnode’s official notes.
‘On the Ethereum chain, we can assess the age of ETH coins using similar tools like the HODL waves, whilst also taking into account nuanced differences as they relate to the Ethereum network,’ according to official notes.
Glassnode also notes that “the use of ETH coins within the Ethereum ecosystem is a key to understanding the behaviour of the network. This week a relatively large volume of ETH was removed from known exchange wallets, spiking to over 200k ETH in a single day.”
They are also addressing a chart and now that “The chart below demonstrates that in 2021, there have been 10 such occurrences with withdrawals of over 200k ETH/day. This compares to only two days with exchange inflows over 200k ETH per day indicating a general preference for self-custody of funds.”