ETH is moving away from stock exchanges at a record rate – that’s why it could rise

Ethereum (ETH) is being pulled out of the centralized exchanges at a record rate, according to blockchain analytics firm IntoTheBlock.

They said on Twitter that $ 1.2 billion worth of ETH left the centralized exchange on Wednesday. The company also noted that the last time ETH’s foreign exchange outflows topped $ 1 billion, the value of Ethereum skyrocketed in a month.

“[Lần] Last $ 1 billion withdrawn from the CEX exchange, Ethereum is up 60% in 30 days.


The source: IntoTheBlock / Twitter

The second largest cryptocurrency by market capitalization is trading at $ 3,437 at press time, down 3.7% in the last 24 hours. However, according to CoinGecko, the leading smart contract platform has grown by more than 13% in the past 30 days.

IntoTheBlock also highlights that Ethereum has a high correlation with the Nasdaq stock market index, suggesting that ETH brings higher risks and higher returns.

“Ethereum seems like a risky bet (when the perceived risk is low, investors tend to put money in high risk assets). ETH has shown a high correlation with Nasdaq, which tends to be associated with higher potential / high risk investments. “


The source: IntoTheBlock / Twitter

The blockchain analytics firm added that Bitcoin (BTC) has a strong correlation with the Dow Jones Industrial Average (DJIA) and gold. A level close to 1 indicates a high correlation between the two assets.

“BTC and DJIA have an amazing correlation when the correlation indicator is 0.74. In addition, the correlation with gold is 0.64. “


Source: IntoTheBlock / Twitter

Bitcoin is trading at $ 47,889 at press time and is down more than 4% in the past two weeks.

IntoTheBlock also says that the Bitcoin network took action after recording its largest daily BTC transaction in over 24 months, suggesting that institutional activity is on the rise.

“For the first time in over two years, large Bitcoin transactions hit over 10 million BTC in a single day.

The activities of institutional investors seem to be in trend. “


The source: IntoTheBlock / Twitter

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