Investors have been making significant moves in the Bitcoin market, with a notable amount of BTC being withdrawn from crypto exchanges. According to on-chain analyst Ali Martinez, nearly $4 billion worth of Bitcoin was pulled out in the second week of December alone. This trend is part of a larger pattern showing a decrease in the overall balance of BTC on exchanges, as evidenced by data from CryptoQuant.
Martinez highlighted that an additional 40,000 BTC were withdrawn from exchanges over the past week, totaling over $3.92 billion. However, the analyst also pointed out that Bitcoin miners have been selling off substantial amounts of BTC during the first half of the month. In December alone, miners have reportedly sold over 140,000 BTC, amounting to $13.72 billion.
Despite the selling pressure from miners, Bitcoin has continued to surge and recently hit another all-time high, currently trading at $105,331, marking a 5.7% increase in the last week. On the other hand, Ethereum, the leading smart contract platform by market cap, has been showing bullish signs in several on-chain metrics.
Martinez noted that active addresses for Ethereum have increased by 4.24%, new addresses are up by 2.65%, and zero-balance addresses have decreased by 4.06%. These metrics indicate a positive momentum building for ETH, which is currently trading above the $4,000 mark and has been moving sideways over the past week.
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