Ethereum exchange deposits surge in echo of FTX collapse, while Bitcoin withdrawals stay dominant

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Quick Take

The recent data reveals a dis­tinc­tive met­ric shift regard­ing Ethereum deposits and with­drawals. Exchange deposits for Ethereum have surged, exceed­ing the vol­ume of with­drawals, a phe­nom­e­non last observed dur­ing the FTX col­lapse. Specif­i­cal­ly, Ethereum expe­ri­enced 105,000 ETH in deposits com­pared to 75,000 ETH in with­drawals, indi­cat­ing an influx of Ethereum into exchange platforms.

In stark con­trast, Bit­coin presents a dif­fer­ent sce­nario, reveal­ing a con­tin­u­ing trend of with­drawals out­pac­ing deposits. This trend toward Bit­coin out­flows sug­gests that investors are opt­ing to hold their Bit­coin assets rather than plac­ing them in exchanges, which could be moti­vat­ed by var­i­ous fac­tors, includ­ing mar­ket sen­ti­ment or a strat­e­gy to reduce poten­tial risks asso­ci­at­ed with exchanges.

The diver­gence in the flow of Ethereum and Bit­coin with­in exchanges not only under­scores their unique mar­ket behav­iors but also indi­cates the vary­ing investor per­cep­tions and strate­gies towards these lead­ing cryptocurrencies.

Exchange Transaction Dominance: (Source: Glassnode)
Exchange Trans­ac­tion Dom­i­nance: (Source: Glassnode)
Exchange Transaction Dominance: (Source: Glassnode)
Exchange Trans­ac­tion Dom­i­nance: (Source: Glassnode)

The post Ethereum exchange deposits surge in echo of FTX col­lapse, while Bit­coin with­drawals stay dom­i­nant appeared first on Cryp­toSlate.

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