Balances of Ethereum on crypto exchanges hit 2-year low
The amount of Ethereum (ETH) on leading crypto exchanges has reached its lowest level in more than two years. Based on the latest figures published by crypto analytics platform, Glassnode.
Brokerages are now holding the smallest amount of Ethereum since June 2019, as reported by blockchain research platform Bloqport. This suggests an accumulation occurring at the current price before the next potentially sharp ETH price movement.
Exchanges witnessed a 31% decline from approximately 19 million Ethereum in July 2020 to the present, where crypto trading platforms hold less than 13 million. Furthermore, since 2021, the amount available on digital asset exchanges has been in a downtrend and has thus seen a drop in gas fees.
Glassnode pointed out an increase in the number of Ethereum addresses (holding at least 0.1 ETH) over the last few months. Almost 5 million addresses are now holding at least 0.1 ETH, the highest level on record, as claimed by the company.
Conversely, from the beginning of the year, the total number of ETH addresses containing a minimum of 1,000 Ethereum has reached its lowest level in 4 years, reinforcing the notion of whales having sped up accumulation.
On 5 June 2021, Whale Alert highlighted the movement of 40,000 ETH coins worth more than $104 million from the cryptocurrency exchange Binance to a digital wallet.
According to the latest data published by crypto analytics firm, Santiment, the top 10 ETH addresses now hold more than 19 million coins.
The most widely-used blockchain has remained highly volatile since the start of May 2021; prior ETH saw an all-time high of nearly $4,330 on 12 May and hit a low of approximately $1,900 on 24 May. Ethereum is trading above $2,750 with a market cap of $322 billion at the time of publishing.