Wednesday, July 28, 2021
Home Crypto News Analysis CryptoQuant Data Shows Ethereum Reserves On Exchanges At Historical Bottom

CryptoQuant Data Shows Ethereum Reserves On Exchanges At Historical Bottom

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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.

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.

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.

falling eth reserves

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.

ethereum whales reserves

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Albert Brownhttps://thecryptobasic.com/
Albert Brown has obtained his master's degree in Stock Trading And Investing. His specialty is analyzing the price actions of crypto and stock markets. Albert provides a major role in TheCryptoBasic as a crypto analyst. He is also known for his work on Twinkle Magazine and TipRanks.

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