Ethereum supply on leading crypto exchanges is plunging. ETH whales are moving the world’s second-largest digital asset from exchanges to cold wallets. The latest data from Santiment, one of the leading crypto analytics and on-chain analysis firms, shows that Ethereum supply on crypto exchanges has reached its lowest level in 34 months.
Crypto exchanges now hold 16.1% of the total supply of Ethereum, compared to 24.1% on 26 September 2020. Santiment also termed the latest data as a good sign for long-term holders of the world’s second most valuable cryptocurrency. “Ethereum has rebounded back to $3,163. In the past year, 1/3 of the ETH supply that was on exchanges, has now been moved off. This is a good sign for patient holders,” Santiment mentioned.
Yesterday, a leading Ethereum whale account moved 100,000 ETH coins from digital exchange Huobi to an unknown crypto wallet. According to Whale Alert, the total value of the transaction stands at around $300 million. In a separate transfer, 20,814 Ethereum coins worth over $60 million were moved from Binance to an unknown wallet on Sunday.
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Ethereum’s Price Action
The price of Ethereum saw immense volatility during the first three weeks of September 2021. After touching the high of over $4,000 on 3 September, ETH dropped heavily in the following days and reached a monthly low of $2,700 on 22 September. However, Ethereum recovered quickly in the last few days and the digital asset regained the price level of $3,100 today. At the time of writing, ETH is trading near $3,110 with a market capitalization of more than $365 billion.
Commenting on the latest price action of Ethereum, Simon Peters, Market Analyst at eToro, said: “ETH hit a weekly low on Wednesday, touching $2,700 before a climb back up to over $3,100. Following its own fall of over 9% on Friday, ETH then stabilized along with Bitcoin (BTC) over the weekend and was trading again at over $3,100 this morning after strong gains on Sunday.”
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