In a major price recovery, Ethereum saw a jump in retail demand as the crypto asset has climbed by more than 5% in the last 24 hours. Large ETH outflows from digital exchanges to unknown wallets are also playing an important role in the recent price action.

On Monday 21 March 2022, a prominent Ethereum wallet moved 80,000 coins worth over $236 million from Crypto.com to an unknown wallet. The transfer, which was executed at around 6:41 UTC, represents one of the largest Ethereum transfers in recent weeks.

The movement of leading cryptocurrencies, including Bitcoin and Ethereum , from crypto exchanges to unknown addresses and cold wallets has been surging since the start of 2021. As a result, the exchange supply of BTC and ETH has reached record low levels.