Ethereum Balance on Cryptocurrency Exchanges Is Plunging

Ethereum whales are moving their ETH assets from leading cryptocurrency exchanges to digital wallets. According to the latest data published by crypto analytics platform, Glassnode, exchanges are now holding the lowest amount of Ethereum since June 2019.

Cryptocurrency trading platforms hold less than 13 million Ethereum, which is a sharp drop from approximately 19 million in July 2020. Ethereum supply on digital exchange has been in a downtrend since the start of 2021.

“According to Glassnode, the amount of Ethereum on CEX exchanges just reached a 2-year low. The previous 2-years was observed on 19 May 2021,” blockchain research platform, Bloqport posted on Twitter.

Glassnode also highlighted a jump in the number of Ethereum addresses (holding at least 0.1 ETH) during the last few months. According to the company, nearly 5 million addresses are now holding at least 0.1 ETH, the highest level on record. On the other hand, the total number of ETH addresses holding a minimum of 1,000 Ethereum has reached its lowest level in 4 years.

Ethereum Network Activity

ETH’s on-chain activity has jumped significantly in the last few months amid volatility in the price of the world’s second-largest cryptocurrency. Large Ethereum addresses have accelerated ETH accumulation since the start of 2021. According to the latest data published by crypto analytics firm, Santiment, the top 10 ETH addresses are now holding more than 19 million coins. A surge in the activity of ETH whales has also played an important role in the latest plunge in the supply of Ethereum on digital exchanges. On 5 June 2021, Whale Alert highlighted the movement of 40,000 ETH coins worth more than $104 million from the cryptocurrency exchange, Binance to a digital wallet.

The world’s second most valuable digital currency has remained extremely volatile since the start of May 2021. ETH saw an all-time high of nearly $4,330 on 12 May and touched a low of approximately $1,900 on 24 May. As of writing, Ethereum is trading above $2,750 with a market cap of $322 billion.