EthereumExchanges

ETH Reserves On Cryptocurrency Exchanges Down 27% In 48 Hours

According to analysts from CryptoQuant, ETH reserves have significantly decreased on the wallets of centralized cryptocurrency exchanges: over the past 48 hours, 27% of coins have been withdrawn from them.

Back on January 13, more than 11 million ETH were on the wallets of cryptocurrency exchanges. On January 14, Alex Saunders wrote that the amount of ether on the wallets of exchanges had dropped to 10 million. And on the morning of January 15, he noticed that the figure had dropped to 8.1 million ETH. That is, in two days the amount of ETH at the addresses of the centralized exchanges fell by 27% and amounted to 7% of the total number of available coins.

150121_eth_on_exch_wal.jpg

In May 2020, there were 14.1 million ETH on the exchanges – this is a historical record. Since then, cryptocurrency exchanges have dropped 42.5% of their Ether reserves. This amount of ether reserves was observed in July 2018. In comparison, the stocks of bitcoin in the wallets of cryptocurrency exchanges peaked in March 2020 and since then have declined by only 21%.

According to Saunders, this signals the continued growth of the second cryptocurrency:

“We all know what happened to Bitcoin when demand exceeded supply. It quadrupled in 90 days. “

Recall that at the beginning of January, the ETH rate  exceeded $ 1,000 for the first time since the beginning of 2018. The all-time maximum of ether is fixed at around $ 1,400. Now the coin is trading at $ 1,250, which means a new all-time record can be reached in the coming days.

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