"Major Exchanges' Ethereum (ETH) Holdings at Lowest in 10 Years... Rising Expectations"
Summary
- It was reported that the Ethereum (ETH) holdings of major exchanges have reached their lowest level in 10 years.
- It was stated that investors are moving Ethereum to offline wallets, known as cold wallets, with expectations of long-term price increases due to reduced supply.
- While the decrease in Ethereum supply within exchanges suggests potential price increases, it was added that some recent indicators have shown bearish signals.
The Ethereum (ETH) balance held by major cryptocurrency exchanges has hit its lowest level in 10 years, leading to analysis that long-term upward expectations are rising due to reduced supply.
On the 21st (local time), cryptocurrency data analysis company Santiment reported via X (formerly Twitter) that "the Ethereum holdings of exchanges have recently decreased to 8.97 million, reaching the lowest level in the past 10 years." It is analyzed that investors are moving the Ethereum they purchased to offline wallets, known as cold wallets, for long-term holding.
The media added, "If the supply of Ethereum within exchanges plummets, the price may continue to rise due to a supply shock," but also noted, "Contrary to positive expectations, some recent indicators have shown bearish signals." In fact, Ethereum has fallen 26% over the past month.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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