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December 9, 2022
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The sum of Ethers on exchanges is falling –

According to the latest analysis by Glassnode, a well-known provider of on-chain analytics, the sum of Ethers on exchanges fell below the lowest level recorded on the market for almost two years.

The sum of Ethers on the stock exchanges is falling

Glassnode estimates that there are currently only 13.3 million Ethers on the centralized exchanges, which is the lowest since June 2019. As such, centralized platforms hold approximately $ 52.4 billion in ETH, or 11.5% of the total supply of Ethereum.

The number of Ethers on exchanges fell 30% in the 9 months of reaching the peak of 19 million ETH in September 2020.

A low ETH balance on exchanges is usually understood as a very bullish phenomenon for the market as it leads to a reduction in supply in relation to demand on popular trading platforms. Declining currency balances suggest that long-term investors are moving their assets to cold wallets or locking their funds to generate profits through decentralized financial protocols or staking.

BTC and ETH

In his report on Monday, “Week on ChainData provider Glassnode also noted that there has been some reduction in Bitcoin exposure in favor of Ethereum.

Glassnode further claims that long-term investors may have recently switched to ETH.

The company’s report added that activity in the chain had increased significantly in the last four weeks. The total number of smart contracts, Uniswap deals and day trades has grown significantly since the start of the year.

Daily transactions hit an all-time record of 1.63 million this week, up 22.5% from the previous peak in December 2017.

At the time of writing, the price of Ether was just below $ 3,900, falling from its most recent high of $ 4,220 on May 10.

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