Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, has seen a significant exodus from centralized exchanges in recent weeks, with data suggesting a growing preference for holding the asset outside of trading platforms.
At the time of writing, ETH was trading at $2,289, down 0.7% in the last 24 hours, but managed to gain 1.6% in the last week, data from Coingecko shows.
Ethereum Outflow Hits $1.2 Billion
According to blockchain analytics firm IntoTheBlock, a staggering $500 million worth of ETH exited exchanges last week, contributing to a total outflow of $1.2 billion for the entire month of January. This represents a major shift compared to previous months, raising questions about the motivations behind this trend.
$500M in $ETH was withdrawn from CEXs this week, adding to a total of over $1.2B in outflows in the last month pic.twitter.com/e8NFOGtrDV
— IntoTheBlock (@intotheblock) February 2, 2024
CryptoQuant data paints an even starker picture, showcasing a
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