Investors Are Sending Ether to Cold Storage

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Ethereum is slowly approaching the $3,000 mark. Over the past 24 hours, the ETH price has strengthened by another 2.34% to $2,916.

The market cap of the asset over the past seven days has increased by more than 15% to $349.667 billion.

At the beginning of last week, traders started to massively send Ether to offline storage. For example, on March 15, investors withdrew more than $500 million in ETH from crypto exchanges.

A total of 180,000 coins left the exchanges last Tuesday, according to the IntoTheBlock platform, which according to analysts is the largest cryptocurrency outflow since October 2021.

They have also noted a few days after such a massive withdrawal of Ether, the value of the altcoin soared by about 15%.

Experts do not exclude that the reduction in the ETH exchange balance contributes to the formation of a crypto deficit, which will inevitably provoke a rebound of the altcoin.