The amount of ether (ETH) held on centralized exchanges has reached its lowest point in more than nine years, as investors continue shifting assets to self-custody.
According to data from CryptoRank and Santiment, ETH reserves on exchange-linked wallets have fallen to 8.97 million tokens, marking the lowest level since November 2015.
This ongoing trend of exchange outflows could reduce the available supply of ETH in the market, potentially driving prices higher as demand outweighs liquidity.
“Investors are withdrawing ETH from exchanges and placing it into cold storage, which restricts supply. We saw a similar movement with BTC in January, when exchange reserves dropped to a seven-year low, triggering a price surge,” CryptoRank reported.
Bitcoin’s exchange reserves hit a seven-year low on January 13, and in the following days, its price climbed from approximately $90K to over $109K.
About The Author
More Stories
DOGE drops to $0.18 amid long-term holder exits and a looming death-cross price pattern.
Asia Markets: Cautious Calm Settles Over Bitcoin as Risk Positions Rebuild
“Analyst Dubs It ‘Bitcoin’s Silent IPO’ While Dissecting Market Stagnation in Viral Essay”