On-chain data from a South Korean Vendor, CryptoQuant, revealed that a notable amount of Ether was withdrawn from two different cryptocurrency exchanges; about 120,000.
Half of the figure was removed from Binance, a popular crypto exchange globally, and the remaining half was withdrawn from the popular crypto exchange in South Korea, Bithumb.
Meanwhile, a forecaster at Bloomberg has tweeted earlier that the market dominance of BTC is being threatened by Ethereum. He went father to give the reasons he said that.
Cumulative 120,000 ETH Removed from Spot Exchanges
Information from CryptoQuant’s recent tweet stated that approximately 60,000 ETH were removed from the crypto exchanges in the early hours in the APAC region and the late hours in North America. However, 34,000 ETH from that figure were transferred from Binance alone.
The price of the second-ranked digital assets per market cap had reached $3,100 at the time of the withdrawal. Aside from this, the famous crypto tracker Whale Alert notified the community of 60,000 ETH transferred from Bithumb, a crypto exchange based in South Korea, to an anonymous wallet.
The equivalent amount of the Ethereum withdrawn in fiat is around $376 million.
On a general note, withdrawals in large amounts signify nothing but an intention to store the asset away in cold wallets for the long term. Another implication in the case of Ethereum is the intention of staking in the ETH 2.0 deposit contracts.
The whale tracker also spotted another voluminous Ethereum transaction on the Etherscan. About 11 hours ago, a total of 27,183 ETH were moved from two different anonymous wallets while some anonymous whales moved 35,625 ETH between their wallets, equating to $112,098,446 in fiat.
Compared to BTC, Ethereum Shows a Higher Level of Bullishness Posing Threat to Its Dominance
The top forecaster and strategist at Bloomberg, Christophe Barraud, took to his Twitter to publish data showing that Ethereum is moving so hard to outrun Bitcoin in the crypto market dominance.
In his tweet, he explained the main reason for the increase in the adoption by mainstream financial institutions. From the data shared on his page, Barraud revealed that the premium of a one-month Ethereum Futures contract is now worth more than BTC’s – 8.37% compared to 6.58%.
From this, he concluded that the ETH is on its way to a higher level of bullishness than BTC. Aside from this, a crypto-journalist based in China, Colin Wu, revealed in a data he published that the hash rate of Ethereum is currently at 650,815 GH/s, forming a new high. This is another evidence of an ETH Strength.