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Ethereum Withdrawals From Coinbase Top $1.2 Billion, What’s Going On?
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Withdrawals From Coinbase Top $1.2 Billion, What’s Going On?

Scott Matherson
Scott Matherson
11 months ago
2 mins read
Ethereum

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Ethereum has seen a number of notable withdrawals that suggests that crypto whales are expecting a recovery in price. These large withdrawals has caused the ETH balances on centralized exchanges to fall to their lowest level since 2016.

336,000 ETH Withdrawn From Exchanges

Crypto analyst Ash Crypto took to X (formerly Twitter) to reveal a notable change in the amount of ETH that is being held on centralized exchanges currently. Notably, there has been a marked increase in the withdrawals of small and large investors alike, leading to the highest withdrawal trend of 2024 so far.

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The report focuses on the withdrawals from the Coinbase exchange, which is the largest crypto exchange in the United States. The uptick in the withdrawal trend saw a whopping 336,000 ETH withdrawn from the exchange’s wallets in just 48 hours. This translates to the highest withdrawal trend from the exchange so far this year.

However, Coinbase wasn’t the only crypto exchange hit hard by the Ethereum withdrawals as the cumulative exchange addresses saw their ETH balances fall drastically. As the on-chain tracker Santiment revealed in a report, the total ETH held on centralized exchange wallets has fallen 8.6% in the last two weeks alone.

These withdrawals have greatly impacted the exchange balances, causing them to fall to their lowest point in 8 years. This means that the last time that the exchange balances were this low was back in 2016, which is three bull markets ago.

Will This Propel Ethereum Price To $10,000?

Naturally, the withdrawal of Ethereum from exchanges is bullish given that this is a trend that suggests investors are choosing to hold their Ethereum coins rather than sell them. If coins were moving the other direction and being deposited on exchanges instead, it would’ve been bearish for the price as it meant that investors were looking to offload their holdings for profit.

Related Reading

XRP price

XRP Continues To Struggle Below $0.5, Ex-Ripple Director Reveals Why Price Action Remains Muted

11 months ago

Crypto analyst Ash Crypto shares the sentiment that the withdrawals are bullish for the price. According to the analyst, with Spot Ethereum ETFs set to start trading in 2024 in addition to this, it means that the ETH price trading above $10,000 is just a matter of time.

Presently, the ETH price is still closely following the Bitcoin trend. It has recovered above $3,500 once more after initially falling below this support level on Thursday. Nonetheless, it continues to nurse losses on the weekly chart, with CoinMarketCap data showing a decline of 7.88%.

Ethereum price chart from Tradingview.com
ETH price falls below $3,500 | Source: ETHUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

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