Ether (ETH) Supply on Exchanges Hits Lowest Level Since May 2018
The amount of Ether (ETH) currently held on cryptocurrency exchanges has reached its lowest level since May 2018, according to blockchain analytics platform Santiment. There are now only 10.66 million ETH on exchanges, while a record-breaking 115.88 million ETH is held outside of centralized platforms.
Large Outflow of ETH from Exchanges
Santiment also reported that on October 4, approximately 110,000 ETH, worth over $180 million, were moved off of exchanges. This represents the largest outflow day since August 21 and suggests a reduced selling pressure for ETH.
Bitcoin (BTC) Supply on Exchanges at Five-Year Low
The supply of Bitcoin (BTC) on cryptocurrency exchanges has dropped to its lowest level in five years, accounting for only 5.73% of the circulating supply. This indicates that BTC holders are increasingly moving their coins off of exchanges.
Sharks and Whales Accumulating BTC
Large investors, known as sharks and whales, have been actively accumulating Bitcoin in recent months. They now control over 66% of the circulating supply of BTC. The top 1% of Bitcoin addresses hold nearly 19.3 million coins out of the total 19.5 million produced so far.
Hot Take: Decreased Exchange Holdings Indicate Bullish Sentiment
The decreasing supply of Ether (ETH) and Bitcoin (BTC) on cryptocurrency exchanges suggests a bullish sentiment among investors. With fewer coins available for trading on these platforms, it indicates that more individuals are opting to hold onto their cryptocurrencies rather than sell them. This could potentially lead to increased demand and upward price movement in the future. Furthermore, the accumulation of Bitcoin by large investors indicates confidence in the long-term value and potential growth of the cryptocurrency.
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