Crypto Flipsider News – ETH Outflow at 4-Year Low, Kraken Targets NFT Lending, Binance Gets Canadian License, FibSWAP to Launch First DEX App, DAO to Buy Blockbuster, Dogecoin Founder is no Whale
Read in the Digest
- (ETH) outflows on exchanges drop to four year low.
- Kraken targets NFT art lending, Ozzy Osbourne announces NFT collection, Ferrari (NYSE:) Formula 1 partners with Velas.
- Canada issues Binance license to offer crypto-services, FibSwap to launch the world’s first DEX app.
- DAO group aims to raise $5 million to buy and revive Blockbuster.
- Founder Billy Markus reveals his DOGE holdings.
Ethereum (ETH) Outflows on Exchanges Drop to Four Year Low
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As Ethereum staged a recovery that saw the ETH peak at $4,129, exchange outflows of the token have fallen to a four-year low. According to data from Glassnode, ETH exchange outflows are now at their lowest point since January 2022.
Exchange outflow has long been used as an indicator for determining trends in the crypto market. Although low outflows often mean low selling pressure and lead to a price decline, this situation may be an outlier.
The reserves of Ethereum in exchanges could be low due to the number of investors holding their funds on exchanges also reaching record-low values. The performance of ETH indicates as much, as Ethereum remains one of the top performers of 2021.
A similar trend was noticed with , where the amount of BTC held on exchanges has dropped to 1.3 million, or 6.3% of the total Bitcoin supply.
Flipsider:
- The delay of the Ethereum network’s transition to the PoS consensus mechanism has led to some investors and developers abandoning the network.
Why You Should Care
Many investors have decided to HODL rather than sell their coins amidst predictions of explosive growth for the crypto industry in 2022.
Kraken Targets NFT Art Lending, Ozzy Osbourne Announces NFT Collection, Ferrari Formula 1 Partners with Velas
2021 has been the biggest year yet for non-fungible tokens. Even as…
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-350x250.jpg)
