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.
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.”
