ETH will still explode again as of the bull market
The Upper Pella upgrade enables ETH withdrawals for the first time.
The bears believe this will lead to continued selling pressure.
Bulls thought that the risk of not being able to withdraw was removed, leading to more deposits.
But what actually happened?
With withdrawals enabled, let's take a look at the breakdown of withdrawals to ETH. CEX leads the way in withdrawals, with ETH withdrawals accounting for 72.9%.
But that doesn't tell the whole story, because most of them are CEX withdrawing ETH back to itself.
What does this mean?
Most of the ETH sent to CEX is not primarily used for sales, but for the exchange's internal operations.
In particular, the amount of ETH withdrawn from krakenfx represents 35.9% of all 1.44 million ETH principal withdrawn so far!
One might think that Kraken users are bearish. However, withdrawals are due to the recent regulatory crackdown on exchange pledge services.
Most entities are currently holding the remaining pledged ETH balance.
LidoFinance remains to some extent the entity with the largest amount of ETH and accounts for almost a third of all ETH on the beacon chain.
Deposits have been flowing into the beacon chain since the upgrade of Upper Perla.
Liquidity pledge derivatives (LSD) topped the list, with Lido once again topping the list with almost 412,000 ETH.
Centralized exchanges are also doing their part. binance and coinbase are introducing over 315k ETH.
So who is right, the shorts or the longs?
Trust in ethereum continues to grow since the last Pella upgrade, and deposits continue to climb, reaching an all-time high in pledged ETH.
The bulls will win again.
The bears believe this will lead to continued selling pressure.
Bulls thought that the risk of not being able to withdraw was removed, leading to more deposits.
But what actually happened?
With withdrawals enabled, let's take a look at the breakdown of withdrawals to ETH. CEX leads the way in withdrawals, with ETH withdrawals accounting for 72.9%.
But that doesn't tell the whole story, because most of them are CEX withdrawing ETH back to itself.
What does this mean?
Most of the ETH sent to CEX is not primarily used for sales, but for the exchange's internal operations.
In particular, the amount of ETH withdrawn from krakenfx represents 35.9% of all 1.44 million ETH principal withdrawn so far!
One might think that Kraken users are bearish. However, withdrawals are due to the recent regulatory crackdown on exchange pledge services.
Most entities are currently holding the remaining pledged ETH balance.
LidoFinance remains to some extent the entity with the largest amount of ETH and accounts for almost a third of all ETH on the beacon chain.
Deposits have been flowing into the beacon chain since the upgrade of Upper Perla.
Liquidity pledge derivatives (LSD) topped the list, with Lido once again topping the list with almost 412,000 ETH.
Centralized exchanges are also doing their part. binance and coinbase are introducing over 315k ETH.
So who is right, the shorts or the longs?
Trust in ethereum continues to grow since the last Pella upgrade, and deposits continue to climb, reaching an all-time high in pledged ETH.
The bulls will win again.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.