• bitcoinBitcoin$70,598.00-0.90%
  • ethereumEthereum$3,561.46-2.38%
  • elrond-erd-2MultiversX$60.46-4.26%

The Number of Ether Balances on Centralized Exchanges Dips to Lowest Level Since June 2019

Glassnode has revealed that the sum of ETH on exchanges has fallen to the lowest levels recorded since June 2019.

According to the estimates by Glassnode, only 13.3 million Ether is now held on centralized exchanges, which represent 11.5% of ETH’s entire supply, currently worth about $52.4 billion.

The number of ETH on centralized exchanges had peaked at 19 million ETH in September 2020, but since then, that number has registered a fall of 30% in just nine months.

Generally speaking, a low balance of ETH on exchanges means that the market is bullish aka there is increased demand. Furthermore, Glassnode also mentions that the exposure to Bitcoin has decreased in favor of that to Ether, commenting that long-term investors of Bitcoin may help the flipping to ETH:

“Whilst this is only an empirical observation (correlation causation), the distinct increase in these older BTC being spent back into circulation after a prolonged period of holding makes a compelling case.”

Glassnode also highlights the fact that on-chain activity for Ether has increased quite a lot over the previous month. The number of smart contract calls, daily transactions, and Uniswap transactions, all have registered growth since 2021 began.

In fact, this week saw daily transactions reach a new ATH of 1.63 million. This is an increase of 22.5% from the previous peak that was registered in December 2017.

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