About 10% of the total eth supply on exchanges has been withdrawn since Tuesday according to data from CryptoQuant.
Total tracked eth deposits stood at ◊22 million on the 19th of January, but have now fallen to under ◊20 million.
There are reports some 660,000 eth, worth close to $1 billion, was withdrawn just on Friday indicating there was much dip buying for eth.
This bullishness is also reflected on the ratio which has been gaining significantly recently, not far off from doubling since the December low.
Eth today jumped by about $100 from $1,250, while bitcoin didn’t move much, currently trading at $32,000.
The most probable reason is that defi is pretty hot right now, so that’s probably feeding into eth.
It may also partially explain this withdrawal from exchanges as ethereans perhaps are sending them to defi smart contracts to gain yield.
Some is definitely going to staking where another 800,000 eth has been added since Christmas. Continue Reading