In the middle of the week, Ether surged to $1,200 as investors staged a crypto dump, causing the rate to drop to $1,166.

According to Santiment, prior to that, there was the highest daily transfer of cryptocurrencies to exchanges in 11 months. In addition, there was the largest profit-taking since April 2022.

On Thursday, the pressure on the cryptocurrency eased. CryptoQuant CEO Ki-Yang Joo revealed that 570,000 Ether coins have been withdrawn from the Coinbase platform. Presumably, they were put into cold storage, and this is a bullish sign for the market.

If we are talking about transfers between wallets, this will not have a significant impact on the value of the altcoin. Ethereum is trading at $1,213 today.

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Source: IXBT

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