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Almost half a billion USD in ETH have been withdrawn from multiple exchanges as Binance and Bithumb

Bitcoin price managed to recapture the $47,000 level after dropping to a weekly low below $46,400. Most altcoins have stalled since yesterday, except for Solana (SOL). Moreover, the news of the 120,000 ETH withdrawn from spot exchanges was also notable news of the day.

120,000 ETH outflows Binance, Bithumb as Ethereum challenges Bitcoin Dominance

According to CryptoQuant, a staggering amount of ETH was withdrawn from many spot crypto exchanges, around 60,000 tokens.

“Across all spot exchanges, we saw a 60,000 Ethereum NetFlow (more out than in) in late NA hours early APAC hours. This is bullish. Upon investigating which exchange, I came across Binance having a 34k outflow. I could not find the other exchanges that had massive outflows. The price at the time was approximately 3.1k USD”, CryptoQuant stated.

almost-half-a-billion-usd-in-eth-have-been-withdrawn-from-multiple-exchanges-as-binance-and-bithumb

Source: CryptoQuant

Reportedly, half of that ETH was transferred from Binance. In addition, another 60,000 tokens was transferred from the Bithumb exchange. There are some opinions that Ethereum is challenging Bitcoin’s dominance. Meanwhile, around 60,000 ETH was withdrawn from crypto exchanges, and 34,000 ETH from that amount was moved from Binance. Besides, 60,000 ETH was sent from the Bithumb exchange to an anonymous crypto wallet. The total amount of Ethereum withdrawn is equal to slightly over $376,000,000.

Large withdrawals of crypto may signify intentions to store long-term in cold wallets or, in the case of Ethereum, it may afterward be staked in the Ethereum 2.0 deposit contract. Around 11 hours ago, 27,183 ETH were transferred between anonymous wallets. Eight hours ago, anonymous crypto whales shifted 35,625 ETH between their wallets—that equals $112,098,446.

At the time of writing, the price is changing hands at $3,116. Some analysts stated that Ethereum is striving to surpass the dominance of Bitcoin on the crypto market. One of the reasons is believed to be the increase in adoption by financial institutions.

almost-half-a-billion-usd-in-eth-have-been-withdrawn-from-multiple-exchanges-as-binance-and-bithumb

Ethereum/USD 4-hour chart | Source: TradingView

According to Christophe Barraud, strategist and top forecaster at Bloomberg, one-month Ethereum futures contracts are now trading at a higher premium than that of Bitcoin futures; 8.37% versus 6.58%.

“Ethereum is challenging Bitcoin’s dominance in the crypto world as signs of institutional adoption grow. Its one-month forward contract is trading at an 8.37% premium to the spot price, versus Bitcoin’s 6.58% premium, illustrating a higher level of bullishness – Bloomberg”, Barraud tweeted.

Christophe Barraud, strategist and top forecaster at Bloomberg

Source: Christophe Barraud/Twitter

As you can see, Ethereum is facing a higher level of bullishness than Bitcoin.

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