TL;DR
Ether (ETH) on exchanges hits its lowest since May 2018; 115.88M ETH now outside centralized platforms.
110,000 ETH moved off exchanges on October 4, suggesting reduced selling pressure.
Bitcoin (BTC) on exchanges reaches a 5-year low; top holders control over 66% of the circulating supply.
Lowest Figure in More Than Five Years
As revealed by the blockchain analytics platform Santiment, the amount of Ether (ETH) that currently sits on cryptocurrency exchanges has dropped to 10.66 million coins. The last time the figure was that low was in May 2018. On the contrary, 115.88M ETH is situated outside centralized platforms, which is an all-time high mark.
Santiment further estimated that approximately 110,000 ETH (worth over $180 million) moved off of exchanges on October 4, marking the largest outflow day since August 21.
#Ethereum saw about ~110K $ETH ($181M) move off of exchanges Wednesday, the largest outflow day since August 21st. The amount of non-exchange Ethereum now sits at an #AllTimeHigh 115.88M $ETH, while its exchange supply is at its lowest in ~5.5 years. https://t.co/PUOWGt0KS0 pic.twitter.com/u54pp6LZij
— Santiment (@santimentfeed) October 5, 2023
Such moves are typically seen as bullish for the asset’s valuation since they reduce selling pressure and show investors’ long-term convictions.
BTC Supply on Exchanges Also Goes Down
As CryptoPotato recently reported, the situation with the primary cryptocurrency is quite similar. The supply of Bitcoin (BTC) on cryptocurrency exchanges has slipped to 5.73%, or a 5-year low.
On another note, sharks and whales have been pretty active, accumulating quantities of the asset at an increased temp in the past few months. Most recent data suggests that such investors control more than 66% of the circulating supply of BTC.
The top 1% of Bitcoin addresses are much privileged, holding almost 19.3 million coins (out of 19.5 million that have been produced so far). Those interested to see who are the six BTC billionaires can watch our video below:
The post This Hasn’t Happened to Ethereum Since 2018 appeared first on CryptoPotato.
