Ethereum has seen a significant outflow of 20.8 million ETH from centralized exchanges in the past two months, with Binance accounting for more than a third of the total withdrawals. This trend suggests that long-term holders are accumulating rather than selling their positions.
Despite the decrease in exchange-held ETH, trading volumes have remained stable, indicating that the market has adapted to the changing supply dynamics.
Deutsche Bank's entry into the Ethereum ecosystem highlights the growing acceptance of blockchain technology among traditional financial institutions.
Technical analysis of Ethereum's price action suggests caution, with indicators pointing to a potential downturn. While Bitcoin has been performing well, Ethereum has struggled to maintain momentum above $3,800.
The reduced supply of ETH on exchanges has yet to result in higher prices, raising questions about the factors influencing its current performance.
The interplay between traditional finance and the cryptocurrency ecosystem continues to evolve, with Deutsche Bank's involvement potentially influencing future price movements.