Ethereum withdrawals, the second largest crypto on the market by market capitalization, from cryptocurrency exchanges have accelerated over the past few days, according to data provided by analytics firm IntoTheBlock.
According to the company, between February 22 and March 1, a total of 327,000 ETH valued at $982 million were withdrawn from crypto exchanges.
The company’s analysts have claimed withdrawals of the altcoin co-founded by Vitalik Buterin have accelerated. During the same period, Ethereum has increased in price by 20% to $3,000.
It should be noted the acceleration of Ethereum withdrawals could be due to geopolitical tensions, which have intensified after Russian President Vladimir Putin announced a military operation on the territory of Ukraine.
The altcoin reached in November 2021 a new all-time high above $4,800, a level from which it has fallen by 40%.