120,000 ETH Outflows Binance, Bithumb as Ethereum Challenges Bitcoin Dominance

120,000 ETH Outflows Binance, Bithumb as Ethereum Challenges Bitcoin Dominance

South Korean on-chain data vendor CryptoQuant has shared that just recently, an astounding amount of Ethereum has been withdrawn from multiple spot crypto exchanges – approximately 60,000.

Half of that was take off Binance alone. Besides, another 60,000 ETH was moved from major South Korean digital exchange Bithumb.

Meanwhile, a top Bloomberg forecaster has tweeted that Ethereum is challenging Bitcoin’s dominance and offered reasons for that statement.

"-60k ETH netflow from spot exchanges" by @satoshiheistRead more in Quicktake👉https://t.co/i5K6gI8kaU pic.twitter.com/EZ3z90TtOY— CryptoQuant.com (@cryptoquant_com) August 27, 2021

120,000 Ether withdrawn from spot exchanges

According to the recent CryptoQuant tweet, in late NA hours and early hours in the APAC region, approximately 60,000 ETH was withdrawn from crypto exchanges and 34,000 ETH from that amount was moved from Binance alone.

The price of the second biggest crypto, Ethereum, was moving in the $3,100 area at that time. Besides, popular crypto tracker Whale Alert noticed 60,000 ETH sent from the South Korea-based Bithumb exchange to an anonymous crypto wallet.

The total amount of Ethereum withdrawn is equal to slightly over $376,000,000 in fiat.

Large withdrawals of crypto may signify intentions of long-term storage in cold wallets or, in the case of Ethereum, ETH may be afterwards staked in the Ethereum 2.0 deposit contract.

Besides, Whale Alert spotted more of large ETH transactions on etherscan. Around eleven hours ago, 27,183 ETH was transferred between anonymous wallets. Eight hours ago, anonymous crypto whales shifted 35,625 ETH between their wallets – that equals $112,098,446 in fiat.

“ETH shows higher level of bullishness versus BTC, challenging its dominance”

Christophe Barraud, strategist and top forecaster at Bloomberg, has taken to Twitter to offer data showing that Ethereum is striving to surpass the dominance of Bitcoin in the crypto market.

The expert has tweeted that the main reason for this is a rise of adoption by financial institutions. According to the data shared by Barraud, one-month ETH futures contracts is now trading at a premium that is higher than that for Bitcoin futures – 8.37 percent versus 6.58 percent.

This, he says, shows that Ethereum is facing a higher level of bullishness than Bitcoin.

#Ethereum is challenging #Bitcoin’s dominance in the crypto world as signs of institutional adoption grow. Its one-month forward contract is trading at a 8.37% premium to the spot price, versus Bitcoin’s 6.58% premium, illustrating a higher level of bullishness - Bloomberg pic.twitter.com/ZfluHRYP7T— Christophe Barraud🛢 (@C_Barraud) August 27, 2021

Besides, as per the data shared by Chinese crypto journalist Colin Wu, Ethereum hashrate has 650,815 GH/s – a new major high. This shows a rise in the strength of the Ethereum network.

At the time of writing, Ethereum is trading at $3,119, as per the data provided by CoinMarketCap.