Crypto/Market News
Ether Supply on Centralized Exchanges Reaches Record Low
The amount of ether held in centralized exchange wallets has dipped to its lowest in over nine years, potentially impacting market prices.
1 min read
The amount of ether (ETH) stored in wallets associated with centralized exchanges has fallen to a nine-year low of 8.97 million tokens. This is the lowest level recorded since November 2015.
Key Insights
- The decline in coin availability may reduce market liquidity, potentially driving up prices.
- A similar trend was observed with Bitcoin (BTC), where its supply on exchanges reached a seven-year low, leading to a subsequent price hike.
Investors continue to migrate ETH to cold storage, thus limiting available liquidity. CryptoRank reported that a comparable situation in January saw BTC moving to a seven-year low on exchanges right before a price spike.
ETH supply on exchanges.
The number of BTC on centralized exchanges also hit a seven-year low earlier this year, which was followed by a significant increase in its price.
