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120,000 ETH Outflows Binance, Bithumb as Ethereum Challenges Bitcoin Dominance

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Fri, 08/27/2021 - 08:38
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Yuri Molchan
CryptoQuant reported that almost half a billion USD in Ether have been withdrawn from multiple spot exchanges, and half of that amount was moved off Binance and Bithumb
 120,000 ETH Outflows Binance, Bithumb as Ethereum Challenges Bitcoin Dominance
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South Korean on-chain data vendor CryptoQuant has shared that, just recently, an astounding amount of Ethereum has been withdrawn from multiple spot crypto exchanges: approximately 60,000.

Half of that was taken off of Binance alone. Besides, another 60,000 ETH were moved from major South Korean digital exchange Bithumb.

Meanwhile, a top Bloomberg forecaster has tweeted that Ethereum is challenging Bitcoin's dominance, explaining his reasons.

120,000 Ether withdrawn from spot exchanges

According to the recent CryptoQuant tweet, in the late hours in North America and the early hours in the APAC region, approximately 60,000 ETH were withdrawn from crypto exchanges, and 34,000 ETH from that amount was moved from Binance alone.

The price of the second biggest crypto, Ethereum, was moving in the $3,100 area at that time. Besides, popular crypto tracker Whale Alert noticed 60,000 ETH sent from the South Korea-based Bithumb exchange to an anonymous crypto wallet.

The total amount of Ethereum withdrawn is equal to slightly over $376,000,000 in fiat.

Large withdrawals of crypto may signify intentions to store long-term in cold wallets or, in the case of Ethereum, ETH may afterwards be staked in the Ethereum 2.0 deposit contract.

Besides, Whale Alert spotted more large ETH transactions on Etherscan. Around 11 hours ago, 27,183 ETH were transferred between anonymous wallets. Eight hours ago, anonymous crypto whales shifted 35,625 ETH between their wallets—that equals $112,098,446 in fiat.

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"ETH shows higher level of bullishness versus BTC, challenging its dominance"

Christophe Barraud, strategist and top forecaster at Bloomberg, has taken to Twitter to offer data showing that Ethereum is striving to surpass the dominance of Bitcoin on the crypto market.

The expert has tweeted that the main reason for this is a rise in adoption by financial institutions. According to data shared by Barraud, one-month ETH futures contracts are now trading at a premium that is higher than that of Bitcoin futures; 8.37 percent versus 6.58 percent.

This, he says, shows that Ethereum is facing a higher level of bullishness than Bitcoin.

Besides, as per data shared by Chinese crypto journalist Colin Wu, the Ethereum hashrate is at 650,815 GH/s, a new major high. This shows a rise in the strength of the Ethereum network.

At press time, Ethereum is trading at $3,119, as per data provided by CoinMarketCap.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.