The cryptocurrency market has been abuzz with activity as investors have been withdrawing massive amounts of Bitcoin (BTC) from exchanges over the past week. Renowned analyst Ali Martinez has reported that nearly $4 billion worth of BTC has been taken out of crypto exchanges in the second week of December. This trend is further emphasized by data from digital asset analytics firm CryptoQuant, showing a consistent decrease in the overall balance of BTC on exchanges.
Martinez points out that an additional 40,000 BTC were withdrawn from exchanges in the past week alone, totaling over $3.92 billion. However, amidst this withdrawal trend, Bitcoin miners have been selling substantial amounts of BTC in the first half of the month. Martinez reveals that Bitcoin miners have sold over 140,000 BTC in December, amounting to a staggering $13.72 billion.
Despite the selling pressure from miners, Bitcoin has remained resilient and has reached another all-time high, currently trading at $105,331 with a 5.7% increase in the last week. On the other hand, Ethereum (ETH) is also showing positive signs, with three on-chain metrics indicating bullish sentiment for the leading smart contract platform. Active addresses have increased by 4.24%, new addresses by 2.65%, and zero-balance addresses have decreased by 4.06%. This momentum has led to growing confidence in ETH’s performance.
At the time of writing, Ethereum is trading above the $4,000 mark, maintaining a sideways movement over the past week. As the cryptocurrency market continues to evolve, it is essential to stay informed about price actions and market trends. By subscribing to email alerts and following reputable sources on social media platforms like Twitter, Facebook, and Telegram, investors can stay updated on the latest developments in the crypto space.
In conclusion, the recent movements in BTC and ETH underscore the dynamic nature of the cryptocurrency market. With increasing interest and investment in digital assets, it is crucial for investors to stay informed and adapt to changing market conditions. Stay tuned for more updates on crypto trends and price movements.