Main navigation

Traders Move $1.4 Billion Ethereum from Exchanges

Fri, 03/25/2022 - 12:24
article image
Arman Shirinyan
Large Ethereum volume being removed from exchanges despite positive price performance
Traders Move $1.4 Billion Ethereum from Exchanges
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News
Contents

Ethereum traders and investors moved a massive volume of Ethereum from various centralized exchanges, according to Glassnode data.

Large inflows in the last 24 hours are falling under the general outflows trend fueled by the growing popularity of DeFi apps. In addition to the returned popularity of the DeFi industry, Ethereum staking is facing massive funds inflows, with more ETH being locked in staking contracts every day.

DeFi on the rise

According to DeFi apps and blockchain tracker DeFiLIama, the total value of funds locked on the Ethereum network increased from approximately $107 billion to $121 billion in the last 10 days.

Ethereum TVL
Source: DeFiLIama

Alternative networks like Cardano and Solana are also facing a massive increase in DeFi solutions. Cardano's TVL hit a new all-time high after the release of another major project on the Minswap chain. The TVL of the network currently stands at $310 million.

Since Ethereum holds the largest number of DeFi apps on its network, traders and investors may choose them over traditional holding or active trading on centralized exchanges. One of the most popular solutions that traders and investors usually use is the liquidity providing service that DeFi platforms offer.

Related
126.5 Million XRP Sent to Ripple's ODL Bitso and Some Major Exchanges

Ethereum staking attracts more investors

Ethereum 2.0 staking contracts that already gained more than 10 million ETH in total value are continuously growing as more Ethereum investors and traders choose stable 12% APY options rather than holding their funds on exchanges.

In addition to the increased popularity of the staking option, cryptocurrency enthusiasts have become more cautious about holding digital funds on centralized exchanges as they may block or seize users' assets in order to comply with the laws of the countries they function in.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.