"ETH Price Surge Driven by Record Withdrawals and Increased Self-Custody Among Whales"
1. ETH Price Surge and Exchange Withdrawals:
- #ETH prices increased 3.2% to $2,715 due to significant withdrawals from exchanges.
- A record 224,410 ETH was withdrawn from centralized exchanges, decreasing holdings to 9.63M.
2. #whale Activity Highlights Self-Custody Preference:
- Major whale addresses withdrew significant amounts from Binance, indicating a preference for self-custody.
- Recent withdrawals demonstrate a trend of large holders moving away from exchange holdings.
3. Investor Confidence and Market Outlook:
- Key metrics like A/D trends and a low exchange supply ratio reflect strong long-term investor confidence.
- Analysts suggest potential price targets if $ETH breaks key resistance levels, with caution advised.
#InvestInEtherum
What's my take :
Investors are taking control of their own assets as the hype around the Crypto boom doesn't seem to be favoring their portfolios.
This could also encourage other big players to follow the trend.
With multiple exchanges losing its credibility over its users, it is a great move to consider having your holdings at your own control like these big investors despite your portfolio size.
What I did :After losing access to my hard-earned funds in the WazirX exchange which literally did the most lethargic mistake (maybe a scam - depends on how you view it),
I was convinced that this could happen to any exchange, even if they were the pioneers in bringing the Crypto revolution to their country, i.e -This Indian exchange mentioned above, who literally was a huge player the Indian Crypto Industry once, that even Binance partnered with them.