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Report: Less Risk Of Major Sell off As Ethereum Balances See Big Drop On Exchanges

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Data provided by a popular analyst firm Santiment shows that holders have reduced the risk of a major sell-off in the future by withdrawing massive amounts of ETH from exchanges.

Read: Galaxy Digital CEO, Mike Novogratz: Ethereum Can Become the Biggest Crypto


Analytics provider Santiment posted a tweet stating that Ethereum balances on several crypto exchanges have declined sharply.

Santiment writes:

“To kick off July, Ethereum holders continued to make history by lowering the percent of $ETH held on exchanges to its lowest ratio since November, 2018. Dropping below 18% for the first time in 31 months lowers the risk of a future major selloff.”

The overall balance of ETH on crypto trading platforms has declined to below 18 percent, the lowest since November 2018.



Santiment believes that by moving ETH off exchanges to wallets, users have reduced the chances of a massive ETH sell-off in the near future.

Santiment Tweets:

 

At the time of this writing, Ethereum is trading at $2,060. Earlier this year, ETH managed to hit an all-time high of $4,361 on May 12, according to data provided by CoinGecko.

Read: For the First Time Ethereum Crossed Bitcoin in Address Activity

ETH started 2021 from $1367 and reached All-Time-High in May. ETH saw an increase of 220 Percent since Jan 2021. ETH also faced decline of 54% since May 12, but the second largest crypto was able to hold its ground and quickly recovered above $2000, which is main physiological support.

stromgain

 

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, 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.

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