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Tesla Reports $589M Bitcoin Profits as Holdings Hit $1.07B

Albert Brown
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Tesla Reports $589M Bitcoin Profits as Holdings Hit $1.07B

Tesla has recorded approximately $600 million in Bitcoin gains as the value of the premier crypto asset continues to rise.

The electric vehicle manufacturer, headquartered in Texas, currently holds 11,509 BTC, with a market value of approximately $1.13 billion. This has remained unchanged since June 2022.

Over the past few months, Bitcoin has maintained an upward trend, reaching $109,000 during its peak. At press time, BTC is hovering around $98,279. Amid this upswing, Tesla’s Bitcoin profits have improved.

Tesla’s Latest Accounting Report

Specifically, Tesla’s latest quarterly statement reported a $589 million gain from its Bitcoin holdings, totaling $1.076 billion in value, up from $184 million in previous quarters.

This reported gain resulted from a new accounting rule allowing companies to record their crypto holdings’ market value. In particular, the rule enables companies to reflect the market value of crypto on their balance sheets, preventing their assets from being undervalued if crypto prices rise.

Tesla’s overall GAAP income for Q4 2024 was $2.3 billion, and Bitcoin contributed approximately $600 million.

Tesla accounting statement with Bitcoin gains reported
Tesla accounting statement with Bitcoin gains reported

Tesla’s Bitcoin Portfolio Growth

These gains are notable, especially since the automotive firm has not purchased any Bitcoin since 2022. The company’s latest movements occurred four months ago, involving the distribution of Bitcoin to new wallets. 

Notably, Tesla has also sold more than 70% of its original Bitcoin holdings, missing out on further capital appreciation.

For context, the firm initially entered the Bitcoin market on January 25, 2021, when the cryptocurrency’s price hovered above $32,000. At the time, it accepted Bitcoin payment for electric vehicle purchases.

New Accounting Rules

It is crucial to note that regulatory changes have impacted Tesla’s Bitcoin reporting practices. The Financial Accounting Standards Board (FASB) has approved Fair Value Accounting for Bitcoin, effective for fiscal years beginning from December 15, 2024.

These new standards enable corporations to list digital assets based on real-time market value. Watchers say this may encourage firms to use crypto holdings as collateral for working capital.

 

Tesla CEO’s Blockchain Endorsement 

Notably, Tesla’s CEO Elon Musk has maintained an interest in blockchain technology, building on his previously endorsing digital assets such as Dogecoin. Beyond corporate holdings, the executive’s blockchain engagement has expanded to government-related initiatives. 

As head of the Department of Government Efficiency (DOGE), a newly formed federal agency, Musk has publicly advocated for placing U.S. Treasury transactions on the blockchain.

A recent online post addressed concerns about regulatory compliance within the Department of the Treasury. Following these statements, a digital asset entrepreneur suggested utilizing blockchain to enhance transaction transparency. In response, the Tesla CEO supported the idea, reinforcing his stance on leveraging blockchain for governmental financial oversight.

Cardano Analysis: Is ADA Set for Additional 40% Rally to $1?

Albert Brown
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Cardano Analysis: Is ADA Set for Additional 40% Rally to $1?

Cardano (ADA) price jumps past key resistance levels, forming a bullish falling wedge breakout. Is a 40% rally to $1.11 on the cards?

For the second consecutive day, Cardano is leading the altcoin rally with a massive intraday surge of 11.77%. The bullish reversal in Cardano suggests a potential breakout rally.

With a spike in bullish momentum, Cardano has broken through the critical $0.80 resistance. Will this breakout push ADA toward the $1 psychological mark? Let’s explore.

Cardano Price Analysis: Breaking Key Resistance Levels

In the daily chart, the ADA price trend reveals a short-term resistance trendline from early 2025. However, a long-standing support trendline has helped the recent pullback regain bullish strength.

Cardano Price Chart
Cardano Price Chart

Since the start of February, ADA has dropped from $0.9428 to a bottom of $0.6816. This accounted for a drop of 27.70% in the early nine days of February.

With eight consecutive red candles, the price tested the local support trendline. Furthermore, the trendlines in action create a falling wedge pattern.

However, with a bullish start this week, the two consecutive positive candles in Cardano have overcome the five days of downfall with a jump to challenge the overhead trendline. Along with the trendline, ADA also faces a higher price rejection from the 23.60% Fibonacci level at $0.8127.

After a 24-hour high set at $0.8131, Cardano currently trades at a market price of $0.7927. Additionally, with the massive intraday surge, Cardano aims to surpass the bullish breakout of a falling wedge pattern.

Supporting the upside, the MACD and signal lines are nearing a positive crossover, while bearish histograms are losing intensity. Additionally, the DMI indicator shows a crossover in the VI lines, signaling a shift in trend momentum. The ADX line remains elevated, reflecting increased trend momentum.

Cardano Price Target: Can ADA Rally 40% to $1.11?

Given the early breakout and growing momentum, the Fibonacci levels suggest a price target near the 78.60% level at $1.11. This represents a bullish potential of over 40%.

On the downside, the key support for Cardano is at $0.16, followed by the local support trendline.

Top YouTuber Shares Strategy to Invest $1,000 in Crypto 

Lele Jima
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Top YouTuber Shares Strategy to Invest $1,000 in Crypto 

With crypto enthusiasts preparing for the next phase of this season’s bull run, top YouTube channel Altcoin Daily reveals how he would invest $1,000 in crypto. 

In the 12-minute video, the host of Altcoin Daily, Aaron Arnold, reveals his investment strategy for allocating $1,000 capital into crypto. 

Altcoin Daily Investment Strategy 

The strategy covers major crypto assets, including Bitcoin, Ethereum, and Solana. It also features less-established but risky tokens with high growth potential.

$500 in Bitcoin and Ethereum 

According to him, out of the $1,000, $400 will go to Bitcoin (BTC), the world’s largest cryptocurrency by market cap. With Bitcoin trading around $96,000 at the time of the video, Arnold believes acquiring BTC below $100,000 is a steal. 

Notably, Arnold believes Bitcoin is a digital real estate and gold. He also suggested that the U.S. could soon establish a strategic Bitcoin Reserve (SBR) requiring the government to buy and hold BTC. He sees these as bullish factors.

Furthermore, Arnold revealed he would invest the next $100 in ETH. He picked Ethereum due to its prominence in the stablecoin market, as it has become a hub for most stablecoins. 

$200 in SOL or Potential Solana Narrative   

The host of Altcoin Daily recommended that $200 be invested in Solana (SOL), calling it the gem of this cycle. Per Arnold, Solana has the best blockchain activities, with major meme coins, including Official Trump (TRUMP), going live on the network. 

While SOL is well-established and has low growth potential, Arnold highlighted alternatives that fit in the ‘next Solana narrative,’ such as Sui (SUI) and Supra (SUPRA). 

$100 in Artificial Intelligence (AI) Tokens 

According to Arnold, the next $100 would be invested in AI tokens, with Bittensor (TAO) emerging as a top pick. He also recommended Heart.ai (HEART) as an alternative to TAO. He acknowledged that HEART is a risky play with more growth potential compared to TAO. 

HEART’s selection is based on its recent partnership with Saudia Group and its commitment to becoming the blockchain of AI. 

$100 in RWA Tokenization Token 

Furthermore, Arnold noted he would allocate the next $100 to a token in the Real World Asset (RWA) tokenization category. Here, Ondo (ONDO) emerged as his top pick. 

He characterized ONDO as this cycle’s blue-chip RWA coin, noting that the asset has been integrated into BlackRock’s tokenization fund, BUIDL. 

Arnold picked Propy (PRO) as an alternative play in the RWA category. This decision was influenced by Propy’s recent launch of its real estate loan product. 

$100 in Gaming Token 

Lastly, Arnold noted that the remaining $100 from the $1,000 capital would be invested into gaming altcoins. His major focus is community or infrastructure gaming tokens. 

Interestingly, he highlighted SuperVerse (SUPER) as his top pick for community gaming projects. However, for a more risky play with high growth potential, Arnold recommended XBorg (XBG), a gaming project focused on giving gamers ownership of their digital identity. 

Meanwhile, Arnold emphasized the need for caution, noting that he is not a financial advisor. Therefore, investors who choose to follow his strategy must conduct due diligence before investing in these crypto assets. 

Dogecoin Potential 1,438% Rally Could Be Next as DOGE Holds Key Support

Abdulkarim Abdulwahab
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Dogecoin (DOGE) continues to show resilience, maintaining support above the upper boundary of a long-term ascending channel.

Analyst Ali Martinez highlighted this key technical development in a tweet today. He suggested that if DOGE sustains this level, it could pave the way for a rally toward $4.

Dogecoin Current Price Action

As of today, DOGE is trading at $0.2665, up 5.5% in the last 24 hours. The latest uptrend has improved Dogecoin’s weekly trajectory from the red, now showing a 2% gain. However, it remains down by a significant 21% on the monthly timeframe.

The graph accompanying Martinez’s tweet reveals that DOGE has remained above a crucial ascending trendline, reinforcing bullish sentiment. The meme coin previously tested lower Fibonacci support levels near $0.19183 (0.786 retracement) and rebounded strongly, signaling continued buyer interest.

Technical Outlook: The Road to $4

Fibonacci extensions suggest that if DOGE continues its upward trajectory, it could first aim for key resistance levels, starting with the 1.00 level. This coincides with $0.73905. Overcoming this level is significant for Dogecoin, as it marked its all-time high during the previous bull market.

Defeating this stubborn resistance could open the door to a further rally to the next significant Fibonacci level at 1.272, with a target price of $4.10.

Notably, with Dogecoin trading at $0.2665, reaching $4.10 would mean a 15X gain or a price appreciation of 1,438%.

Image
Dogecoin chart by Ali Martinez

Road to Higher Thresholds for DOGE

Interestingly, further bullish momentum could push the price toward $10.04 and $36.32, according to long-term projections on Martinez’s chart.

These ambitious price targets would imply several trillion dollars in market cap. Analysts like Martinez have often overlooked the market cap implications of double-digit price ranges for Dogecoin.

While critics view these aspirations as far-fetched, these bold predictions persist in the crypto community.

Although the double-digit price run remains speculative, DOGE has historically surprised the market with explosive price movements. Such movements are often fueled by retail enthusiasm and social media hype, including from Elon Musk.

Market participants saw a glimpse of this in the last quarter of 2024. While DOGE’s price has dipped by over 58% from the peak it reached then, market participants are eagerly awaiting the next explosive move.

For DOGE to sustain its bullish outlook, Martinez’s chart suggests it must hold above the $0.19–$0.25 range and establish strength near resistance zones.

At press time, Dogecoin is trading above this level as the broader crypto market regains momentum after previous bearish fears. Accordingly, DOGE is preparing to be one of the top performers.

Here is One Extra Reason for XRP Price to Fly

Abdulkarim Abdulwahab
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Here is One Extra Reason for XRP Price to Fly

As enthusiasts eagerly await the next XRP upsurge, some have identified an additional bullish factor in the trend of meme coins on the XRP network.

Crypto pundit Billy Mays recently tweeted his excitement about the future potential of XRP, highlighting an often-overlooked aspect of the XRP Ledger (XRPL) — the growing use of memes.

Mays suggests that this playful use of the network is just one more reason why XRP is poised for significant growth.

According to Mays, XRP’s purpose extends beyond just cryptocurrency transactions. He believes the innovative technology behind XRP is on track to change the way people transact on a day-to-day basis.

With its fast, efficient, and scalable features, the XRP Ledger has the potential to reshape global financial systems.

Mays went on to emphasize that the teams behind XRP are developing something with the power to revolutionize the world of digital payments. His excitement points to a future where XRP plays a major role in everyday financial interactions.

Meme Coins on the XRP Ledger

Notably, meme coins have been one of the channels driving adoption for crypto projects in recent times, and the XRPL is quickly capitalizing on the trend. This momentum began picking up in the last quarter of 2024. It followed the introduction of various launchpads, contributing to the proliferation of XRPL meme coins.

The development attracted the attention of Ripple CTO David Schwartz, who remarked that he liked the meme coin trend on the XRPL.

Notably, leading XRPL DEXes First Ledger and Magnetic X have been at the forefront in helping meme coins flourish on the XRP network. Each of the top 20 tokens on First Ledger now boasts a market cap above $1 million.

Currently, the largest token on First Ledger, XRPM, has a market cap of $42 million with 1,132 holders.

The second-largest contender, “ARMY,” boasts a valuation of $27.1 million, with a larger pool of holders, totaling 12,407 token holders. The most widely adopted token on First Ledger is VGB, with 43,539 holders and a market cap of $1.32 million.

Meme coin on XRP Ledger
Top XRP meme coins on First Ledger

New Update Making Meme Coin Launching Safer for Users

Last week, First Ledger updated its token allocation method for new tokens on the XRPL. Now, token allocations are tied to the amount of XRP creators burn during the launch event.

The more XRP burned, the larger the token allocation, with tiers based on the burn amount. For instance, those who incinerate 1,000 XRP or more can claim between 0% to 30%.

Notably, this change looks to encourage honest participation and reduces the risk of rug pulls by ensuring developers have “skin in the game.” The update has received praise from community members. However, some have remained skeptical.

Dogecoin Analysis: Will Bulls Break the $0.30 Barrier?

Albert Brown
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With Dogecoin shifting into bullish gears, is a breakout rally beyond $0.30 on the horizon?

As Bitcoin continues its struggle to reclaim the $100,000 mark, Dogecoin is on a recovering path. With a streak of consecutive bullish candles in the 4-hour price chart, Dogecoin is challenging critical resistance levels.

As buyers anticipate a breakout rally, the price targets for Dogecoin extend beyond the $0.30 psychological barrier. Amid growing optimism, will Dogecoin’s price reversal reach its 52-week high of $0.42? Let’s explore.

Dogecoin Price Analysis: A Consolidation Breakout on Horizon?

On the 4-hour chart, Dogecoin’s price trend shows a positive cycle within a consolidation range. This range spans between $0.24 and the overhead resistance at $0.26.

Currently, a bullish reversal within this range is testing the overhead resistance and the 50-EMA line. With seven consecutive positive candles following a morning star pattern, the chances of a breakout rally are significantly increased.

Dogecoin price chart
Dogecoin price chart

Supporting this upside potential, a bullish divergence in the 4-hour RSI hints at an imminent range breakout. Beyond the consolidation range, a long-standing resistance trend line awaits the price rally.

Moving along with the 100-EMA line, the short-term resistance trend line has resulted in multiple bearish reversals for Dogecoin. Considering the broader market recovery coinciding with Dogecoin’s challenge to the resistance trend line, the breakout now seems likely.

In this scenario, the immediate resistance zones at $0.30 and $0.31 will likely be the next price targets. The 200-EMA at $0.31 coincides with the supply zone.

Dogecoin Derivative Analysis: Open Interest Rises Amid Bullish Sentiment

Amid the rising anticipations of a bullish recovery, the Dogecoin derivatives market has seen a surge in activity. The open interest of Dogecoin has risen by 8.48% to $2.47 billion.

DOGE Derivatives
DOGE Derivatives

Furthermore, bullish positions have also significantly increased, driving the long-to-short ratio over the past 24 hours to 1.04. While the ratio reflects a neutral and an equal position, the recovery marks significant growth for the bullish team.

The Dogecoin funding rate also maintains a positive trend, sustaining at 0.0072%. Thus, the positive numbers in Dogecoin derivatives, with significant recovery, reflect the Dogecoin traders anticipating a breakout rally.

Analyst Viewpoint

Adding to the chances of an upside rally, Ali Martinez, a crypto analyst, has highlighted a rising channel pattern in the Dogecoin weekly chart. Currently, Dogecoin holds above the 78.60 Fibonacci level at $0.19 after taking a lower price rejection.

Image

As Dogecoin respects the lower boundary of the channel and maintains the bullish pattern, the analysis indicates that the price could rally toward the upper boundary of the channel.

This key resistance aligns with the $0.30 psychological milestone, presenting a significant upside potential.

Dogecoin Price Targets: What’s Next for DOGE?

With buyers anticipating a positive trend in Dogecoin, short-term analysis sets the price target at $0.30, followed by key resistance levels at $0.36.

A crucial supply zone near $0.30 also presents a significant hurdle. On the downside, Dogecoin’s key support levels are $0.24, and the psychological support at $0.20.

Tether CEO Paolo Ardoino Says Satoshi’s Lost Bitcoin May Be Retrieved in the Future: Here’s How

Elendu Benedict
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Tether CEO Paolo Ardoino Says Satoshi’s Lost Bitcoin May Be Retrieved in the Future: Here’s How

Tether CEO Paolo Ardoino has predicted that quantum computing could exploit older Bitcoin wallets and unlock lost assets.

In the future, it might be possible to recover the lost BTC tokens from Bitcoin founder Satoshi Nakamoto. This is according to Tether’s Ardoino, who has predicted that quantum computing could unlock older inactive Bitcoin wallets and bring their stash back into circulation.

Here’s How

In a recent post, the Tether CEO pointed out that quantum computing is advancing rapidly. He noted that the evolving technology could threaten the safety of ancient Bitcoin addresses.

Specifically, Ardoino pointed to older wallets without quantum resistance. For context, earlier Bitcoin wallets had Pay-to-Public Key (P2PK) models, which exposed the addresses’ public keys for public view.

Once fully secured, the innovation could soon become significantly vulnerable, especially with the advancement of quantum computing. Hence, lost wallets, including Satoshi Nakamoto’s, risk retrieval if they retain the older security model.

Meanwhile, Ardoino insisted that pioneering holders could avert this risk if they moved their bitcoins to newer wallets with better protection against quantum computing. However, this would be possible if owners are still alive and can access their private keys.

Crypto Still Far Ahead of Quantum Threat

Moreover, the Italian computer scientist stated that Bitcoin cryptography remains far ahead of any meaningful threat from quantum computing. Furthermore, he predicted that the blockchain would advance to adopt quantum-resistant addresses in the near term.

The new technology will invalidate any threat as Bitcoin wallet users ditch vulnerable addresses for more secure ones. Meanwhile, the possibility of unlocking Satoshi Nakamoto’s Bitcoin stash if it stays in the P2PK wallet remains, and suggestions that the bitcoins be frozen to avert the risk have emerged.

21 Million Bitcoin Regardless

In a follow-up tweet, Ardoino also addressed concerns that quantum computing might alter Bitcoin’s scarce characteristics. He boldly affirmed that there are and will always be 21 million BTC, and nothing can change that.

He further lauded Bitcoin as the best asset in the world, mimicking Michael Saylor’s popular opinion. Meanwhile, the Bitcoin and crypto ecosystem has evolved over the years from its nascent stage to a multi-trillion-dollar industry, reinstating its adaptability and staying power.

FOX Business Journalist Suggests SEC Could Temporarily Pause Its Lawsuit Against Ripple

Lele Jima
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FOX Business Journalist Suggests SEC Could Temporarily Pause Its Lawsuit Against Ripple

FOX Business journalist Eleanor Terrett speculates that the SEC and Ripple could agree to temporarily halt their lawsuit based on recent developments in the Binance case. 

Terrett made this projection after the SEC and Binance jointly requested to stay (pause) the lawsuit’s proceeding for 60 days. 

SEC and Binance Jointly Request 60-Day Stay 

In the motion filed yesterday, the parties suggested that the SEC’s new Crypto Task Force could impact the case’s potential resolution. Hence, they requested a 60-day stay ‘in the interest of the judicial economy.’ 

They indicated that the ‘stay’ will help them to save resources, especially if they reach an early resolution during this period, eliminating ‘the need to continue merits discovery.’ After the 60-day pause, the parties plan to issue a joint report to determine whether to continue halting the proceeding. 

“Accordingly, the parties request that the court grants this joint motion to stay,” the filing read. 

FOX Business Journalist Makes Prediction About Ripple Case 

Commenting on the development, Terrett stated that this is the first time the SEC has requested to pause proceedings in a crypto lawsuit under acting chair Mark Uyeda. 

Consequently, she speculated that other non-fraud crypto litigations, including Ripple, might follow a similar approach.

The multi-year Ripple lawsuit is currently in the Court of Appeals for the Second Circuit. The SEC seeks to overturn a New York federal court ruling that held that Ripple’s XRP sales on digital exchanges and other distributions do not constitute investment contracts.

As previously reported, the regulator filed its opening brief last month, and Ripple will respond on April 16, 2025. 

While preparing for its opposition brief, Ripple’s executives, like CLO Stuart Alderoty, are confident that the current administration will dismiss the lawsuit. So far, the SEC has not made any move hinting at an imminent dismissal or settlement of the Ripple case. 

Nonetheless, XRP proponents have remained optimistic about a resolution, given the SEC’s recent policy shift from an enforcement-heavy approach to providing clear rules for the industry.

This shift involves the SEC’s internal enforcement unit’s downsizing and creating the crypto task force- which focuses on developing a regulatory framework for the agency. 

Settlement Rumours Soar 

Meanwhile, the recent development in the Binance lawsuit has triggered speculations about a potential settlement of the Ripple case. Prominent XRP community figure XRPCryptoWolf expressed confidence that the SEC will withdraw its appeal against Ripple. 

Also, others suggested that a settlement in the SEC v. Ripple case is around the corner. While there is a tendency for the SEC to request to halt other non-fraud crypto-related lawsuits, it remains to be seen whether the commission will drop the Ripple case anytime soon. 

Will Bitcoin Target New ATH With Gold Correlation? Market Analyst Thinks So

Elendu Benedict
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Will Bitcoin Target New ATH With Gold Correlation? Market Analyst Thinks So

Bitcoin, the largest cryptocurrency by market cap, may imminently target a new all-time high, spurred by its strong correlation with gold.

Gold is booming amid global market instability. The precious metal, primarily seen as a safe haven during economic crises, broke past its previous all-time high in late January and has consistently hit new highs.

The asset started the week with a bang, meeting its 2.2% gains from the previous week in just two days. If the asset holds above its current peak of $2,942 per ounce, it will mark its seventh consecutive week of price appreciation.

On the other hand, Bitcoin has consolidated in the past few weeks after hitting a new all-time high on Inauguration Day. Widely called digital gold, the pioneering cryptocurrency has ranged between $91,000 and $105,000 since then.

Bitcoin to Mend Gold’s Decoupling

Notably, both high-caliber assets have shown a strong correlation over the years. Nonetheless, Bitcoin’s price tends to grow on a larger scale than that of the precious metal.

Analyst Daink recently pointed to the recent decoupling between Bitcoin and gold. While the latter has surged to unprecedented highs, the former has entered an accumulation phase.

Meanwhile, the analyst suggested that Bitcoin may mend this latest decoupling, citing historical trends. He noted that each time gold displaces away from Bitcoin by surging up, the crypto asset always catches up with its trend.

An accompanying chart highlights two scenarios in which Bitcoin has jumped back to a gold correlation.

Bitcoin’s Correlation with Gold

For context, during the 2022 crypto bear market, gold broke out against Bitcoin to new highs while the crypto asset continued to consolidate at its lows following the FTX implosion. However, Bitcoin resumed an uptrend in 2023 and caught up with gold later in the year. 

Another scenario occurred last year as Bitcoin consolidated from its March peak at $73,000. During this phase, gold decoupled from Bitcoin, but the asset played catch-up later in the year.

With these historical occurrences, Daink speculates that Bitcoin would match gold’s recent price outperformance in the near future. Nonetheless, he did not give a defined timeframe for the recoupling.

Bitcoin to New All-Time High?

The historical correlation suggests that Bitcoin may soon target new all-time highs. Bitcoin enthusiast Carbon shares a similar sentiment, speculating that Bitcoin will follow through with gold.

He noted in a recent tweet that Bitcoin mirrors gold’s push to new ATHs “a few months later.” He cited that the precious metal has been surging to new highs for some time now, and Bitcoin would follow suit imminently.

Although the analyses from Daink and Carbon failed to predict Bitcoin’s target if it follows gold, earlier commentary suggests where Bitcoin will reach before the end of the year. For instance, Galaxy Research predicted that the crypto firstborn would surge to $185,000 by year-end, driven by adoption.

Other prominent firms like VanEck and Standard Chartered speculated on a surge to $180,000 and $200,000, while JAN3 CEO Samson Mow predicted an ambitious price explosion to $1 million.

In the meantime, Bitcoin trades at $98,372, up less than 1% in the past 24 hours.

Will Ethereum Price Surge Further as Massive 224,410 ETH Exit Exchanges?

Albert Brown
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Will Ethereum Price Surge Further as Massive 224,410 ETH Exit Exchanges?

Ethereum (ETH) recorded a 3.2% price increase in the past 24 hours, reaching $2,715 on February 11.

The price movement coincided with a surge in large-scale withdrawals from centralized exchanges, signaling a shift in market activity. Capital inflows into Ethereum’s market and declining exchange balances suggest a potential reduction in sell pressure.

Massive Ethereum Tokens Leaving Exchanges

Several whale addresses withdrew substantial amounts of ETH from exchanges, according to the blockchain analytics platform Lookonchain. On-chain data showed that a wallet starting with 0xb99a removed 56,909 ETH, valued at approximately $151.6 million, from Binance today.

Another address, beginning with 0xEd0C, withdrew 64,603 ETH, worth around $171.8 million, from Binance and Bitfinex. These large transfers suggest an increased preference for self-custody among major holders.

Santiment data further highlighted the scale of these movements. Between February 8 and 9, approximately 224,410 ETH moved out of exchanges, marking the highest single-day net outflow in nearly two years. 

The last comparable outflow occurred on March 10, 2023. Typically, a lower exchange balance often correlates with reduced immediate sell pressure.

Exchange Balances Hit Multi-Year Lows

Following the latest withdrawals, available Ethereum tokens on exchanges have dropped significantly. As of February 11, approximately 9.63 million ETH remains in known exchange wallets. This marks the lowest recorded exchange ETH balance since August 29, 2024.

Lower available supply on exchanges typically impacts market liquidity and may influence price trends.

Santiment reported that declining exchange balances indicate reduced short-term selling pressure. When large amounts of ETH leave exchange wallets, it often reflects investor confidence in long-term holding.

Meanwhile, Santiment cautioned that Ethereum’s performance in 2025 will still largely be dictated by Bitcoin’s ability to stay afloat and rebound to ATH levels.

Further Analysis of Ethereum Exchange Balances

Blockchain analytics platform IntoTheBlock confirmed notable fluctuations in Ethereum’s exchange inflows over different timeframes.

In the past 24 hours, inflows decreased by 8.70%, suggesting a minor reduction in immediate sell pressure. Over the past seven days, exchange inflows dropped by 73.88%, indicating a slowdown in selling activity and reduced volatility.

Ethereum Exchange Inflow Volume
Ethereum Exchange Inflow Volume

Despite the recent decline, the 30-day inflow data showed a 183% increase in ETH deposits onto exchanges. While short-term exchange activity reflects reduced selling pressure, long-term trends still show significant movement of ETH into exchange wallets.

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