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Recent data from a prominent blockchain analysis firm indicates a significant shift in Ethereum (ETH) movement away from centralized cryptocurrency exchanges. IntoTheBlock’s analysis of exchange netflows revealed a substantial of $320 million in the past week alone, contributing to a total outflow of $1 billion in just three weeks. In parallel, observations by IntoTheBlock suggest positive indicators for Bitcoin ( ), hinting at the influx of fresh capital into the market. Data indicates a surge in new participants entering the Bitcoin space, with a notable increase in the proportion of recently created active addresses, reaching a yearly high of 67.62% this week. Bitcoin’s resilience in value while witnessing smaller-cap cryptocurrencies surging implies increased capital inflow into both segments of the market. Additionally, IntoTheBlock emphasizes the record-high accumulation of Bitcoin by long-term holders, historically linked to significant shifts in Bitcoin’s market cycles. Long-term holders typically bolster their Bitcoin holdings during bearish market phases and the initial stages of bullish trends, trimming them near previous all-time highs. The continued rise in Bitcoin holdings among long-term investors implies a collective expectation of a bullish trajectory for Bitcoin. As of the latest update, Bitcoin is valued at $37,326, reflecting a 1.70% increase in value over the past day.
Read more: coinspress
