Today CryptoQuant announced that the amount of Ethereum (ETH) held on central exchanges goes lower than ever.
The total amount of Ethereum held in cryptocurrency exchanges has dropped to its lowest level in history. As investors are withdrawing ETH from exchanges it may have a positive impact on the price.
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The cryptocurrency market fell by more than 3% during yesterday’s decline. According to CryptoQuant data, the ETH reserves on exchanges continue to shrink despite falling prices.
The amount of Bitcoin held in crypto exchanges has been fluctuating since the beginning of the year. Ethereum owners, on the other hand, started to withdraw Ethereum they held in exchanges to different addresses after the Beacon Chain was put into practice.
Today CryptoQuant announced that the total amount of ETH held on crypto platforms has dropped to an all-time low. More ETH withdrew from exchanges yesterday than ever since mid-January.
$ETH reserve across all centralized exchanges is decreasing, while $BTC reserve is repeating up and down since January this year.
Chart ? https://t.co/1bs87PnGJm pic.twitter.com/MG22PaIaFZ
— CryptoQuant.com (@cryptoquant_com) March 15, 2021
The decrease in the number of coins in the exchanges decreases the selling pressure and is bullish for ETH price. However, CryptoQuant data does not cover decentralized exchanges.
Ethereum Whales
Some of these addresses withdrawing Ethereum from exchanges belong to ETH whales. According to Unfolded till 1st March, Ethereum whales control 37 million ETH, which corresponds to 32% of the total supply.
The largest whale community is made up of investors who have been Holding ETH for more than 2 years, managing 15.3 million coins in total.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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