Crypto Whales Offload 1 Million Ether From Exchanges, Bulls Ready To Charge ⋆ ZyCrypto
By: bitcoin ethereum news|2025/05/16 08:30:11
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Digital asset whales have transferred massive Ethereum (ETH) holdings off centralized exchanges to other custodians. The move follows a bullish price recovery, igniting traders’ confidence in the last seven days. Onchain factors like the Market Value to Realized Value flipped into positive territory, a sign of growing confidence after months in the doldrums. On-chain Factors Support Sustained ETH Rally In the past 30 days, crypto whales have withdrawn one million Ethereum tokens from centralized exchanges. This move to other custodians shows a rising desire to hold assets for longer periods. Weekly trader data also points to a growing sentiment despite slight calls for profit taking. Lower exchange reserves strengthen demand for more inflows, especially due to Ether’s monthly struggles. The asset dipped below the $1,600 mark before recovering strongly to $2,602. At the time of writing, ETH price soared 2% over the past day while seven-day volumes are up 24%. This is due to reduced sell pressure and heightened decentralized finance (DeFi) adoption. Outflow from centralized exchanges can be tracked to DeFi staking protocols to earn yield or cold storage as large holders position for another rally. It should be noted that whale addresses scoop up a larger share of retail volumes during a price recovery as the latter commence profit taking. Altcoin Dominance To Soar? Expert trader Ali Martinez noted that the Simple Moving Average (SMA) is above ETH price, which can signal another major uptick. “ On the 3-day chart, #Ethereum $ETH closing above the 200-period SMA has historically triggered major bull rallies. And that level now sits at $2,700!” Past cycles show that when the altcoin giant closes above the 200 Day SMA, a major recovery becomes inbound especially when coupled with macro reversal. Last month, the White House paused its country-based tariffs, cooling global trade tensions. In effect, crypto and traditional assets spiked with Bitcoin and Ethereum clinching double-digit weekly gains. A major importance of dwindling exchange ETH reserves is bulls flagging an altcoin peak after several months. Market analysts hinted at a higher altcoin dominance, marking expected institutional inflows. The approval of spot ETFs looms in the United States after months of positive regulations. These products will act as a catalyst to attract billions to the XRP and Solana market cap. Source: https://zycrypto.com/crypto-whales-offload-1-million-ether-from-exchanges-bulls-ready-to-charge/
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