What next for Ethereum’s price after 20.8M outflows on Binance – BitRss

• Ethereum struggled below $4,000, with Binance outflows suggesting potential long-term accumulation.
• Negative social sentiment mirrored December 2023 trends, potentially signaling a bullish recovery for ETH.

 How large withdrawals could impact ETH price?

Approximately 20.8 million ETH have been withdrawn from centralized exchanges over the past two months, a trend reminiscent of the 2021 bull market. Binance has been central to this movement, accounting for over 7.8 million ETH, or 33-39% of the total outflows.

CryptoQuant analyst Crazzyblockk suggests these withdrawals may signal long-term accumulation or staking, reflecting investor confidence.

These significant outflows from Binance indicate the platform’s continued influence on the cryptocurrency market, especially in balancing supply and demand for Ethereum.

With Binance&r…