Last updated on May 3rd, 2024 at 08:17 pm
In the past 24 hours, Ethereum has witnessed a remarkable and unprecedented drop in its availability on centralized exchange platforms. Santiment, an on-chain analytics firm, reported that Ethereum’s supply on exchanges is now at its lowest level since its inception in 2015.
The analytics firm noted that the proportion of Ethereum held in exchange wallets has dwindled to a mere 8.41%, a level reminiscent of Ethereum’s early days in 2015.
😮🐳 #Ethereum has fared well during this market-wide #crypto surge. Prices crossed $1,850 for the first time since August 15th, and the now 8.41% of $ETH supply on exchanges is the lowest since #genesis in 2015. Whale transactions also hit a 6-month high. https://t.co/yApmiKc7Ib pic.twitter.com/QZRRmt1AET
— Santiment (@santimentfeed) October 24, 2023
Santiment attributed this reduction in Ethereum supply on exchanges to the surge in Ethereum’s price, which has generated substantial excitement among holders. It has led to a significant number of Ethereum holders withdrawing their coins from exchanges.
Several other analytics firms have reported a surge in large-scale transactions, with major Ethereum holders moving their assets away from centralized trading platforms. A report from OnchainDataNerd revealed that in the last 24 hours, a substantial 56,070 ETH (equivalent to $98.06 million) was acquired by numerous new large-scale holders.
Over the past few days, Ethereum’s value has increased by an impressive 12.70%, moving from $1,638.8 to an impressive $1,846. The token also surpassed the $1,850 mark for the first time in nearly three months. This price surge signifies a resurgence of interest and confidence in Ethereum.
There are several factors contributing to Ethereum’s recent price rally. Much of this surge has been attributed to the rising price of Bitcoin, which has experienced a 15% increase since the beginning of the week.
In addition to these factors, Grayscale, a prominent cryptocurrency asset manager, has recently applied for approval to launch an Ethereum futures exchange-traded fund (ETF). This development has added to the growing optimism around Ethereum.
However, following the initial surge, Ethereum’s price has experienced a slight 3.11% decline, with its current value at $1,807. Market experts and investors will be closely monitoring the evolving dynamics of Ethereum’s supply on exchanges and its price performance in the coming days.
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