This week, Bitcoin ($BTC) and Ethereum ($ETH) experienced massive outflows from exchanges, with net outflows for both exceeding $1 billion—the highest levels since May 2023.
These movements indicate heightened investor activity, as traders move assets off exchanges, often a signal of long-term holding or preparation for decentralized applications.
Both $BTC and $ETH saw significant outflows from exchanges this week, with net outflows for both surpassing $1 billion.
The last time outflows were this high was in May 2023 pic.twitter.com/tRngqN4fPM
— IntoTheBlock (@intotheblock) November 15, 2024
In the Ethereum ecosystem, a notable whale has drawn attention. This investor staked 32,416 ETH last year and appears to be taking profits. Just 90 minutes ago, the whale transferred 10,621 ETH (valued at $32.72 million) to Binance, redeemed from their staked ETH a few days prior.
This whale initially deposited ETH into Binance last year at an average price of $1,877 before staking it. With ETH now trading at $3,035, their unrealized profit stands at an impressive $37.44 million—a 61% gain. Despite this recent transfer, the whale continues to hold 22,859 ETH (valued at $69.15 million) in staked assets.
这个去年将 32,416 ETH 存入质押的鲸鱼可能准备止盈一部分：他在一个半小时前将 10,621 枚 ETH ($32.72M) 转进了币安，这些 ETH 是他在几天前从质押中赎回。
他是在去年以 $1,877 的均价从币安提出 ETH 并质押，而现在 ETH 价格为 $3,035，他的浮盈高达 $37.44M (+61%)。
他目前还有 22,859 枚 ETH… https://t.co/CzrPEA0N0M pic.twitter.com/4Nu4JRLPRJ
— 余烬 (@EmberCN) November 15, 2024
Ethereum ETFs Recorded First Net Outflows In Recent Times
Ethereum ETFs also saw mixed movements this week. On November 14, the Ethereum spot ETF recorded its first significant net outflow in recent times, totaling $3.24 million. However, institutional interest remains robust, as BlackRock’s ETHA ETF saw a single-day net inflow of $18.87 million, signaling ongoing confidence from large investors.
On November 14, the total net outflow of Ethereum spot ETF was 3.2429 million US dollars, the first outflow in recent times. However, BlackRock ETF ETHA still had a net inflow of 18.8693 million US dollars in a single day. https://t.co/Tvs2oCS03I pic.twitter.com/DTd40VHlck
— Wu Blockchain (@WuBlockchain) November 15, 2024
These developments underscore the complex dynamics at play in the cryptocurrency market. High outflows suggest investors are shifting assets away from exchanges, potentially for staking or cold storage. At the same time, whales and institutions remain active, strategically adjusting their positions as ETH and BTC prices rise.
With bullish momentum continuing, market participants are closely monitoring whale movements and institutional activity to gauge the next phase of this rally.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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