Ethereum Exchange Supply Drops To 5-Year Lows, What This Means For Price
2023年11月22日 - 2:00AM
NEWSBTC
Ethereum recently cleared the $2,000 price level again in the past
24 hours, as filings of Spot Ethereum ETFs in the US start to pile
up. New on-chain data has shown a clearer sentiment among ETH
investors, and it looks like many are getting ready for the long
haul. Data shows that the amount of Ethereum held on
exchanges has dropped since the middle of last week to the lowest
levels since 2018. That means fewer people are selling their
Ethereum, and more are holding onto it or staking it. Ethereum
Exchange Supply Plummeting Although Ethereum is still down by 2.57%
in the past seven days, the cryptocurrency is now trading above
$2,000 after breaking the barrier on Monday, November 21. The
recent surge would be the third time Ethereum crossed over the
price level this month, as it’s still looking to maintain a
sustained price increase. Related Reading: Shiba Inu Burn
Rate Crashes 98.79% With Less Than 1 Million Tokens Burned The
recent spikes can be attributed to applications of Ethereum Spot
ETFs piling up in front of the US SEC. BlackRock, in particular,
joined the spot Ethereum ETF race on November 15th, igniting a
price spike that pushed ETH past the $2,000 mark for the second
time this month. It would appear that investors reacted to
BlackRock’s ETH filing with the same sentiment they had in response
to the investment company’s spot Bitcoin filing. CryptoQuant’s
Exchange Reserves metric indicates that investor sentiment started
to change around this period, as investors started to pull their
assets off of exchanges into cold storage immediately after the
news. According to the metric, the number of ETH deposited
across crypto exchanges amounted to 14.5 million as of November 15.
However, this figure dropped by 152,583 ETH in the days after to
reach 14.3 million on November 20th. Source: CryptoQuant
IntoTheBlock’s exchange netflow reveals a similar sentiment. The
netflow calculates the number of tokens entering exchanges minus
tokens leaving exchanges. According to the metric, exchanges have
had around 228,450 ETH more in outflows than inflows since November
15. Source: IntoTheBlock What To Expect For ETH Price Action In The
Coming Months Dropping exchange reserves reduces the amount
of ETH available for trading, thereby increasing scarcity. The data
from both Cryptoquant and IntoTheBlock indicates Ethereum might be
gearing up for a price spike fueled by increasing scarcity. Related
Reading: Crypto Market Expert Identifies The Trigger For 600%
Bitcoin Price Surge Ethereum is trading at $2,013 at the time of
writing. We’ve already seen the crypto increase by 67% from $1,200
at the beginning of the year, and many analysts expect this trend
to continue if supply tightens. According to crypto analyst Tony
The Bull, Ethereum could cross $10,000 very soon if a bullish
scenario plays out. ETH price holds $2,000 | Source: ETHUSD on
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