avatar

The Number of $ETH on Exchanges Hits a Low Not Seen Since July 2016

The Number of $ETH on Exchanges Hits a Low Not Seen Since July 2016

The amount of $ETH held on centralized exchanges has reached its lowest point since July 2016, according to data from Glassnode.

As of Thursday, only 14.85% of all $ETH was held in wallets owned by centralized exchanges. This decline is attributed to the growing popularity of staking, which locks up available $ETH, making it unavailable for trading.

In comparison, during the bull market of 2021, the exchange balance of ETH was around 25-26%. Low exchange balances are typically considered a bullish sign as it means the supply of $ETH available for purchase is limited. This scarcity puts upward pressure on prices.

 

TokenInsight is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email news@tokeninsight.com. Your trust will be well respected.

Source

Ethereum

Exchanges

In This Article

Related News
Ethereum community plans onchain ‘time capsule’ to mark 10th anniversary of network’s genesis block Ethereum community plans onchain ‘time capsule’ to mark 10th anniversary of network’s genesis block
Vitalik Buterin suggests implementing ‘partially stateless nodes’ to help scale Ethereum Vitalik Buterin suggests implementing ‘partially stateless nodes’ to help scale Ethereum
Ethereum developers activate Pectra upgrade with 11 changes to improve UX, validator ops and Layer 2 scaling Ethereum developers activate Pectra upgrade with 11 changes to improve UX, validator ops and Layer 2 scaling
Bitget will legally pursue 8 accounts suspected of profiting $20 million from VOXEL trading manipulation Bitget will legally pursue 8 accounts suspected of profiting $20 million from VOXEL trading manipulation
Non-KYC exchange eXch to close down under money laundering scrutiny tied to Lazarus Group Non-KYC exchange eXch to close down under money laundering scrutiny tied to Lazarus Group
Latest News More More
July 10 Chinese creditors push back against FTX's motion to forfeit payouts in restricted jurisdictions
July 7 TON Foundation offers path to 10-year UAE 'Golden Visa' for $100k in staked TON, $35k fee; UAE denies eligibility
July 4 Tether plans further Bitcoin mining expansion in South America with Adecoagro tie up
July 3 North Korean hackers use fake Zoom updates to deliver ‘NimDoor’ macOS malware targeting crypto firms
July 3 JPMorgan's blockchain unit tests new carbon credit tokenization application with S&P Global

About TokenInsight

Services

Products

Support

Google Play
Google Play
Google Play
2018 – 2023 © TokenInsight Ltd. All rights reserved
Disclaimer Terms of Service Privacy Policy
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open