Ethereum Whales Move ETH Off Exchanges
Ethereum has been experiencing a period of stability, with its price hovering around $2,200. However, recent data from Santiment shows that Ethereum whale addresses are moving their ETH off exchanges. In the past 24 hours, more than 240,000 ETH have left the top 10 ETH exchange wallets. This has caused the total supply of ETH on exchanges to reach a new low.
Ethereum Exchange Balances Drop Significantly
The significant movement of ETH off exchanges has resulted in a drop in the cumulative number of ETH deposited across crypto exchanges. Within a single day, the total supply decreased from 8.03 million ETH to 7.79 million ETH. This represents a decrease of over $528 million worth of ETH in exchange balances.
Bullish Implications for Ethereum
Although Ethereum’s price has seen a slight decline in the past 24 hours, the decrease in ETH balances on exchanges is considered a bullish sign for the cryptocurrency. With fewer ETH available on exchanges, the overall supply is reduced, which can potentially drive up the price.
ETH Whales Accumulate More Tokens
ETH whales have been actively buying more tokens since the beginning of the month, indicating optimism for a continued bull run in the new year. Data from IntoTheBlock reveals a significant increase in exchange outflow volume, with whales purchasing over 100,000 ETH worth $230 million in just one week.
This trend has continued with an additional 240,000 ETH leaving exchanges within 24 hours, resulting in a 2.99% decrease in coins held on exchanges. Currently, only 8.07% of Ethereum’s total supply is sitting on exchanges, marking a record low.
Ethereum’s Future Outlook
Despite the recent volatility, Ethereum remains bullish according to crypto analyst Altcoin Daily. There is optimism that ETH could reach $10,000 in the future, especially if Ethereum Spot ETFs are introduced as a catalyst for price growth.
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