Binance, the most traded cryptocurrency exchange worldwide, has recorded a recent excursion of 208,000 units of Ether (ETH), a native Ethereum cryptocurrency worth $1 billion.
This total is explained by consecutive retreats. On August 24th, 90,000 ETH was withdrawn, and the next day it increased to 118,000 ETH.
As you can see in the next encrypted graphics, this is one of the biggest resignation campaigns in last year’s exchange.
This is a sign of the upward trend of Ethereum’s native currency. Historically, ETH’s big hideaway shows investors moving their holdings into their wallets Adopt long-term strategies.
Furthermore, investors suggest that they are confident that their assets will rise at a higher price in the future.
Meanwhile, the continued decline in the exchange’s ETH reserves reflects the increasingly fewer currencies available for immediate sales. If ETH demand is maintained or increases further, the supply will be lower. This will cause prices to rise.
This dynamic occurs in the context of capital spinning from Bitcoin (BTC) to ETH, as explained by professional trader Willie Wu. In this regard, “The flow to ETH of $900 million per day is approaching the input of BTC (orange). This last increase in flow occurred when Tomley’s ETH Treasury in Bitmine began accumulating ETH.”
As Cryptootics informs it, it should be noted that Bitmine launched its Ether accumulation strategy on July 8th and is currently the largest ownership company in cryptocurrency with ETH of 1.7 million in the Treasury.
