$5.4 billion in ETH was pulled from exchanges this week by CoinEdition

$5.4 billion in ETH has been withdrawn from exchanges this week
  • Over the past week, $5.4 billion worth of ETH has been withdrawn from exchanges.
  • Binance’s net weekly flow was – $2.3 billion.
  • ETH is currently trading at $1,219.29 according to CoinMarketCap.

Nansen (@nansen_ai) tweeted metrics related to cryptocurrency exchanges, especially the number of deposits, withdrawals, and transfers of ERC-20 tokens and (ETH) on various exchange platforms.

According to the tweet released yesterday, $5.4 billion (netflow) has been withdrawn from exchanges in the past 7 days, of which Binance, Coinbase (NASDAQ :), Kraken, Bitfinex, and Paxos each processed more than $1 billion in deposits and withdrawals).

Positive net flow exchange over the last 7 days (Source: Nansen)

Bybit has a positive net flow of $332 million, $80 million from Mexico, and $28 million from Coin Square. Meanwhile, Binance had negative net inflow over the past seven days – $2.3 billion, Gemini – $679 million, and FTX net inflow – $591 million.

Binance has the largest balance of Ethereum stablecoins with $24.7 billion. Next on the list is OKX with $2.6 billion. Huobi, KuCoin, and Bybit occupy the 3, 4, and 5 positions with ethereum stablecoin balances at $823 million, $733 million, and $695 million, respectively.

The data shared in the tweet also shows that nearly 1.1 million ETH, roughly $1.3 billion, has been withdrawn from exchanges since November 12. Next up is Coinbase with 4.89 million ETH ($5.9 billion).

Bitfinex saw 2.68 million ETH ($3.2 billion) withdrawn, Kraken 2.07 million ETH ($2.5 billion), and Gemini 1.55 million ETH ($1.9 billion).

In related news, ETH price is trading at $1,219.29 after gaining 0.97% over the past 24 hours, according to CoinMarketCap.

Disclaimer: Opinions and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

$5.4 billion in ETH was pulled from exchanges this week for the first time in Coin Edition.

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