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In a significant development on the crypto market, crypto exchange Coinbase has witnessed the largest Ethereum outflow of the year, amounting to over $1 billion. This massive movement, CryptoQuant's data reveals that more than 336,000 ETH were withdrawn from the trading platform, totaling an approximate value of $1.17 billion on June 12, 2024. This event marks the fifth instance in 2024 where withdrawals from Coinbase have exceeded 150,000 ETH.
While the exact impact of this substantial ETH outflow on the market is yet to be seen, such movements are generally considered bullish in the medium to long term. The reduction in circulating supply, combined with potential new investment products like With over three years of immersive experience in the crypto industry, Mushumir is a seasoned crypto writer dedicated to unraveling the complexities of blockchain technology and decentralized finance.
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