During yesterday’s trading session, cryptocurrency exchange Coinbase saw a withdrawal of 400k Ethereum. This could signal institutional activity, which is bullish for the coin.
Four hundred thousand Ethereum (1.5 billion at the current exchange rate) were withdrawn yesterday from Coinbase, according to a post.
Price might start a fresh surge if it breaks above $3,850, the next major resistance level. A price surge to $4,000 would be expected in the case. In the near future, any further gains could pave the way for a move towards the $4,200 mark.
In this case, we are looking at Ethereum outflows, which indicate how many coins have left exchange wallets.
Investors usually withdraw large amounts of Ethereum to either hold them or to sell using OTC deals. When this metric spikes, it means plenty of Ethereum has been withdrawn from the exchange.
Therefore, constant outflows can hint at a strong buying pressure in the market and investor confidence in Ethereum.
With the top asset pushing up, the total market cap reached $2.5 trillion during the past 24 hours, while STACKS (58%), OHM (57%), ONE (34%), and FTM (31%) dominated in the past week.
Factors affecting Ethereum price Surge
The US dollar index, which found a year-high on Tuesday of 94.5, is also trending lower the last two days, currently at 93.960.
Despite the renewed euphoria in the crypto market, Big Short millionaire Michael Burry who made his fortune betting against the housing bubble has his sights on crypto but doesn’t know how to short it.
Crypto Twitter (CT), of course, couldn’t help but poke fun at Burry for asking “how to short a cryptocurrency” and commenting on the speculation that tops anything in history.
Bitcoin and meme stocks have been compared to the housing boom and the dot-com bubble and have reached “insane heights in which the fall will be painful and dramatic.” predicted the fund manager.