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Home Crypto News Analysis Declining Ethereum Reserves On Exchanges-You Know What Happen Next

Declining Ethereum Reserves On Exchanges-You Know What Happen Next

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Ethereum investors have started depositing Ethers they hold on exchanges to different addresses. It is believed that the shrinking of Ethereum reserves on exchanges could drive the price forward.

According to CryptoQuant data, the amount of ETH held on the exchanges decreased by 10 percent in a period of 24 hours. Cryptocurrency analysts began to talk about a liquidity crisis when a similar picture occurred for Bitcoin.

Ethereum reserves on crypto exchanges

Nugget News founder Alex Saunders thinks this shift in Ethereum reserves could have a positive impact on the price. 

remember what happened when the supply of bitcoin on the exchanges was unable to meet BTC demand. The BTC price quadrupled in 90 days.

he shared his views on Twitter.

Based on a market value of $140 billion, ETH has a circulation supply of 114 million, and more than 2.4 million of the circulating supply are held in the deposit contracts filed for Eth 2.0. There are chances that ETH bull rally is coming soon.

Read: SEC Investigator Behind $ 1.3 Billion XRP Lawsuit Resigns

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The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.


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