The major altcoin ether (ETH) fell below $3,000 again this past weekend. On the night of Monday, February 21, the coin fell as low as $2650.
Over the past seven days, the cryptocurrency’s capitalization has fallen 7.3% to $317.366 billion. An alarming signal for analysts was the sharp increase in the ether exchange balance in mid-February.
According to the Uppdex platform, investors withdrew about 280,000 ETH to trading floors last week alone, adding pressure to the digital asset.
According to the Uppdex service, exchanges now have 11.5% of the total market supply of altcoin.
In the past 24 hours, traders sent another 31,537 ETH to exchange wallets.
A report from the IntoTheBlock team says that hodlers’ wallets have accumulated a total of more than 4 million ETH in 2022. Long-term investors switched to aggressive accumulation last month when the ether plummeted to $2200, the researchers stressed.