The amount of ETH on the wallets of cryptocurrency exchanges has reached a 19-month low. The number of “whales” on the air is also declining.
By data
Glassnode, last Sunday, ETH worth $ 560 million was withdrawn from the cryptocurrency exchanges. Thus, the amount of ether on the wallets of the exchanges decreased to 14.7 million, this is minimum in nineteen months.
Daily On-Chain Exchange Flow#Bitcoin $ BTC
➡️ $1.6B in
⬅️ $1.5B out
Net flow: +$83.7M#Ethereum $ ETH➡️ $ 926.3M in
⬅️ $1.5B out
Net flow: -$560.7M#Tether (ERC20) $ USDT➡️ $660.0M in
⬅️ $740.0M out
Net flow: -$80.1Mhttps://t.co/dk2HbGwhVw— glassnode alerts (@glassnodealerts) April 4, 2021
The last time the balance of ethers on the wallets of cryptocurrency platforms reached the same level in August 2019, when ETH was worth $ 220. Recall that at the beginning of the month, the ETH rate for the first time in history reached $ 2,150.
#Ethereum $ ETH Balance on Exchanges just reached a 19-month low of 14,787,797.350 ETH
View metric:https://t.co/1dCpD2ey8E pic.twitter.com/SKSTlNbzTn
— glassnode alerts (@glassnodealerts) April 3, 2021
In addition, the number of “whales” – large holders of ETH – is declining. By data
Glassnode, the number of addresses that hold more than 1,000 ETH, dropped to a three-year low over the weekend, and with a balance of 100 ETH, to a twenty-month low. A similar decline is observed for addresses with a balance of more than 10 ETH and 32 ETH.
#Ethereum $ ETH Number of Addresses Holding 1k+ Coins just reached a 3-year low of 6,523
View metric:https://t.co/iDNXAbbLRt pic.twitter.com/Wk3InmOLGx
— glassnode alerts (@glassnodealerts) April 3, 2021
Perhaps the “whales” of ether are selling their assets amid rising prices, moving ETH to cold wallets or DeFi protocols. If the whales move ETH into cold storage, the amount of ETH on the exchanges decreases. Due to the high demand for a crypto asset, this can favorably affect its price and contribute to the further growth of the coin.
On the other hand, a drop in the number of “whales” may indicate that large holders are selling their ETH, as they believe that the crypto asset has reached a maximum price and then its value will begin to decline. Recall that last month was the most successful for the ether miners, who recorded a profit of $ 1.38 billion.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
