In a major price recovery, Ethereum saw a jump in retail demand as the crypto asset has climbed by more than 5% in the last 24 hours. Large ETH outflows from digital exchanges to unknown wallets are also playing an important role in the recent price action.
On Monday 21 March 2022, a prominent Ethereum wallet moved 30,000 coins worth over $86 million from Crypto.com to an unknown wallet. The transfer, which was executed at around 6:41 UTC, represents one of the largest Ethereum transfers in recent weeks.
The movement of leading cryptocurrencies, including Bitcoin and Ethereum, from crypto exchanges to unknown addresses and cold wallets has been surging since the start of 2021. As a result, the exchange supply of BTC and ETH has reached record low levels.
While most of the crypto trading platforms are struggling to maintain the ETH supply, FTX has witnessed a jump in the past few days. On 18 March 2021, someone moved 7,431 Ethereum worth more than $21 million from a digital wallet to FTX.
Ethereum Transactions
On 15 March 2022, approximately 1,600 ETH transactions with a value of at least $1 million occurred on the ETH network. “Last Tuesday, there were 1,603 Ethereum transactions valued at $1M or more. Prices are +18% since. Similarly, 2,609 $1M+ transactions occurred on 2/24, and prices jumped +27% in the next week. When ETH whale transactions spike, prices historically rise,” Santiment noted.
As far as institutional interest is concerned, weekly ETH outflows have slowed down in the last week. “Ethereum saw outflows totaling US$17m last week, much less than the previous week which saw outflows of US$50m. The negative sentiment still pervades the asset this year, with year-to-date outflows at US$151m, representing 1.2% of assets under management (AuM),” CoinShares mentioned in its weekly digital asset fund flows report.
