CandleFocus Ethereum Withdrawals Surge as Investors Pull $750 Million from Exchanges
2024-10-29
Author: Content Editor
In the past week, over $750 million worth of Ethereum has been withdrawn from major cryptocurrency exchanges, indicating that investors are choosing to hold the digital asset long-term rather than sell. This has led to a decrease in Ethereum reserves on exchanges, which can tighten liquidity and potentially stabilize or push prices up. Ethereum has shown limited momentum compared to its competitors, with Solana experiencing a 12% gain in October while Ethereum lost nearly 6%. However, some holders have been capitalizing on previous gains, resulting in a rise in profit-taking. Despite market movements, the Ethereum network is focused on improving scalability through an upgrade called "The Purge," which aims to streamline data storage and reduce protocol complexity. Ethereum co-founder Vitalik Buterin addressed concerns about the Ethereum Foundation choosing to sell a portion of its holdings instead of staking them, stating that staking could hinder decentralization.
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