The percentage of ETH held on crypto exchanges has hit its lowest point since public trading began almost a decade ago. Despite this, the second-largest cryptocurrency has continued to drop in value, reaching a new 6-week low.
- CryptoPotato previously reported in late March that the amount of Ethereum held on exchanges had fallen to 10.31%.
- Since then, this percentage has further declined to 10.1%, indicating that investors are continuing to withdraw their ETH holdings from trading platforms.
- This figure is the lowest recorded since ETH began public trading in 2015, as confirmed by analytics resource Santiment.
👛 As #Ethereum has dipped to $1,780 today, we’ve seen exchange supply continue to decrease. The percentage of $ETH on exchanges is at its lowest (10.1%) since public trading began in 2015. This is essentially the #AllTimeHigh for non-exchange holdings. pic.twitter.com/eMXoRh9R76
— Santiment (@santimentfeed) May 11, 2023
- While this data could suggest a bullish outlook for ETH, allowing for less selling pressure due to fewer coins on trading platforms, the past few days have seen a rejected price increase, with ETH falling over $200 and reaching a 6-week low of $1,740 on Bitstamp.
- Recently, however, ETH briefly pumped to $1,900 following an announcement by CPI on Wednesday.