ETH Continues to Leave Trading Platforms, Ethereum Balance on Exchanges Lowest in 3 Years – Altcoins Bitcoin News

The second largest crypto asset in terms of market capital has seen a more than 15% increase in price against the U.S. Dollar over the past week. However, the amount of ethereum on exchanges has been dropping significantly over the last weeks. Over 29% more ether than was held on exchanges in the last two years has been removed from centralized trading platforms. In fact, exchanges have lost approximately 5.89% (or 1.51 million) of their ether since December 2021.

The number of Ethereum traded on exchanges continues to decline

Bitcoin.com News published seven days ago a report on how many bitcoins (BTC), were held on exchanges, and how that metric fell to its lowest level in three years. The same thing is happening to the number of Ethereum (ETH) that are stored on exchanges.

The amount of ethereum currently stored on the exchanges is $24.9 million, or $71.3 billion at the time this article was written. Today’s ether quantity, or number, is just over 3 years old and it has fallen to its lowest level since December 1, 2018.

Statistics from cryptoquant.com’s exchange balance data show during the first week of August 2020, there was more than 34.2 million ethereum stored on exchange platforms. ETH traded for $375 per token at that point in 2020. That’s $12.8 billion worth.

Using today’s exchange rates, the 34.2 million equates to more than $101 billion worth of ethereum (ETH). Since then, only 29.56% have left the exchanges.

Since December 2021, 5.89% (55.6 million) of the amount of ethereum on exchanges (at the time, 25.6 millions ether) has left centralized trading platforms. Bituniverse data, Peckshield and Etherscan data, as well as Chain.info data, show that Binance has 3.59 millions worth of ethereum, valued at $10.5 million, on March 19, 2022.

Huobi Global has 2.13 Million Ethereum worth $6.25 Billion, Kraken holds 2.27 Mether Worth $6.6 Billion and Okex currently owns 364,630 Ethereum worth $1B.

Supporters should be encouraged by the current data showing ethereum is leaving exchanges. This indicates that users are using non-custodial storage solutions. The selling pressure on exchanges is decreasing, and this causes liquidity to shrink.

Furthermore, large amounts of Ethereum are being used for Staking Solutions. In fact, the collapse of ethereum Exchange Balances has suggested that substantial quantities of Ethereum may have been dedicated to Staking Operations.

Let us know what you think of the current balances in ethereum today on exchanges, and why they are at their lowest point for three years. Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman is an active participant in the cryptocurrency community from 2011. Since 2011, Redman has been an active member of the cryptocurrency community. Redman is a prolific writer for Bitcoin.com News, with over 5,000 articles on disruptive protocols.