Over the past week, users have withdrawn $1.6 billion Ethereum from exchanges. According to analysts, ETH was moved to the DeFi protocols, and for staking in ETH 2.0.According to the Glassnode Tweet, ETH balance on the cryptocurrency exchanges at the end of last week reached a 15-month low of 15.4 million ETH (about $20.5 billion). #Ethereum $ETH Balance on Exchanges just reached a 15-month low of 15,423,305.652 ETHView metric: https:\/\/t.co\/1dCpD2ey8E pic.twitter.com\/N8nIQJxbVY- glassnode alerts (@glassnodealerts) January 23, 2021The withdrawal of crypto asset began on January 19 \u2014 which shows that in a few days, ETH worth about $1.6 billion was withdrawn from the exchanges.According to the Whale Alert service, most of the coins were transferred from large cryptocurrency exchanges to anonymous wallets. Quantum Economics analyst Pedro Febrero said there are three reasons why so much ETH has been withdrawn from exchanges.First, he suggested that users have started depositing ETH in DeFi protocols.But, according to DeFi Pulse, the number of ETH deposited in the DeFi protocols decreased from 7 million coins on Tuesday to 6.9 million on Wednesday, and then again to 7 million in the last week.Febrero also suggested that the number of ETH staked in Ethereum 2.0 has increased by more than 320% since December 2020.On January 19, 170,000 ETH was staked in Ethereum 2.0, and on January 20, another 200,000 coins were staked. This is about a third of the ETH withdrawn from the exchanges.Febrero also suggested that institutional investors, such as Grayscale investors, are accumulating ETH. However, according to the BYBT website, Grayscale did not buy more ETH for its public trusts.The explanation of the remaining ETH withdrawn from the exchanges is difficult to determine. Perhaps retail investors have started moving crypto assets from exchanges to their wallets.\u201cIn our opinion, the withdrawal of Ethereum from the exchanges means\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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