The second week of December saw investors withdrawing nearly $4 billion worth of Bitcoin (BTC) from exchanges, according to on-chain analyst Ali Martinez. Data from CryptoQuant shows a constant decrease in the overall balance of BTC on exchanges, with an additional 40,000 BTC withdrawn in the past week, totaling over $3.92 billion. Despite this, Bitcoin miners have sold over 140,000 BTC, amounting to $13.72 billion in the first half of December.
Even with the selling pressure from miners, Bitcoin has reached another all-time high, currently trading at $105,331, marking a 5.7% increase in the last week. Meanwhile, Ethereum (ETH) is also showing promising on-chain metrics, with active addresses up by 4.24%, new addresses up by 2.65%, and zero-balance addresses decreasing by 4.06%. This has led Martinez to believe that momentum is building for ETH.
As of the writing of this article, ETH is trading just above $4,000 and has been moving sideways over the past week. To stay updated on the latest cryptocurrency news and insights, you can subscribe to receive email alerts directly to your inbox. Additionally, don’t forget to follow the latest updates on X, Facebook, and Telegram to stay informed about the dynamic cryptocurrency market.
In conclusion, the recent withdrawal of large amounts of Bitcoin by investors, coupled with significant selling by miners, has not hindered the upward trajectory of Bitcoin’s price. Ethereum, on the other hand, is showing positive on-chain metrics, indicating a bullish trend for the second-largest cryptocurrency by market cap. Keep an eye on these developments and stay informed about the evolving landscape of the cryptocurrency market.
