A torrent of Ethereum has flowed out of centralized crypto exchanges and into private wallets over the past several weeks. According to blockchain analytics provider IntoTheBlock, Ethereum saw a staggering $320 million in exchange outflows just this week. Over the preceding three weeks, the total topped a monumental $1 billion.
This surge in outflows indicates that traders are opting to store their assets in secure wallets for long-term investment purposes instead of actively trading on exchanges. It reflects an increasing positive sentiment surrounding Ethereum’s future prospects as investors prioritize holding the cryptocurrency rather than liquidating it.
Ethereum’s current price stands at approximately $2,019, representing a modest increase of 0.40% in the last 24 hours, based on TradingView’s data. Additionally, decentralized apps and protocols have witnessed a surge in trading volumes and volatility, leading to higher transaction fees on the Ethereum network.
