CryptoQuant analyst Darkfost said the crypto market has entered a short-term correction, with the total market capitalization of altcoins excluding Bitcoin, tracked as Total2, shrinking by more than $110 billion over a three-day period. Ethereum was one of the biggest drags in that move, falling 11% and losing more than $38 billion in market value.
Even with prices pulling back, the analyst said investors have continued to accumulate and withdraw ETH. On Binance, Ethereum reserves fell from 3.57 million ETH to 3.47 million ETH, the lowest level seen in six months. Compared with the 3.92 million ETH held on the exchange in August, that marks a decline of nearly 11.5%.
Withdrawal activity also picked up sharply on the platform. On Oct. 6, Binance recorded more than 320,000 Ethereum withdrawal transactions in a single day, setting a new all-time high, according to Darkfost.
CryptoQuant analyst Darkfost said the crypto market has entered a short-term correction phase, with the total market capitalization of altcoins excluding Bitcoin, known as Total2, dropping by more than $110 billion in three days.
Ethereum fell 11%
Ethereum was part of that decline. ETH fell 11%, wiping out more than $38 billion in market value.
Binance ETH reserves hit a six-month low
Despite the price pullback, investors have continued accumulating and withdrawing Ethereum. During the same period, Ethereum reserves on Binance fell from 3.57 million ETH to 3.47 million ETH, the lowest level in six months.
Compared with the 3.92 million ETH held on the exchange in August, that represents a decline of nearly 11.5%.
Withdrawal activity climbed sharply
At the same time, withdrawal activity on Binance increased significantly. On Oct. 6, the exchange recorded more than 320,000 Ethereum withdrawal transactions in a single day, setting a new all-time high.
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