657,770 Ethereum worth $1.973 Billion has left crypto exchanges in the last week
11,933 Bitcoin has been sent to exchanges in the same time period
ETH investors continue to play the long game with Ethereum
The Ethereum 2.0 deposit contract now has 4.697 ETH worth $14 Billion locked
Ethereum is currently battling to maintain the $3k price area as support
The crypto markets have continued on their losing streak after the weekend Twitter conversations between Elon Musk and the crypto community. The majority of the crypto traders and investors were optimistic that the selling would subside when Elon Musk announced that Tesla had not sold any of its Bitcoin. The dip has however continued with Bitcoin hitting a local low of $38,550 earlier today.
657,770 Ethereum worth $1.973 Billion has left crypto exchanges
The price of Ethereum has also not escaped the turmoil. The value of ETH has dropped to a local low of $2,857 earlier today from $3,800 levels before the Twitter debacle with Elon Musk. The 26.3% drop in Ethereum has however not deterred investors from accumulating ETH.
According to on-chain data, a total of 657,770 ETH worth $1.973 Billion has left crypto exchanges in the last week. Such an amount shows that Ethereum investors and traders are optimistic about the long-term success of ETH as it gears up for the transition to a proof of stake algorithm. In the same time period, the amount of Bitcoin sent to crypto exchanges has hit 11,933 BTC, worth an estimated $486.4 million.
A screenshot of the outflow of Ethereum and the inflow of Bitcoin into crypto exchanges can be found below.
Ethereum Battles to Maintain its $3k Support
To note is that the same Ethereum investors continue sending their coins to the ETH2.0 deposit contract that now holds 4,697,890 ETH valued at roughly $14 Billion. Therefore, investors are optimistic about the success of the upgrade moving forward.
At the time of writing, Ethereum is trading at $2,955 as it attempts to reclaim the $3k price area as support. Ethereum has a high chance of succeeding in this endeavor given that not too many ETH investors are selling their holdings.