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Ether Supply on Centralized Exchanges Hits 9-Year Low
The number of ether held in wallets tied to centralized exchanges has dropped to the lowest since November 2015.
What to know:
- Ether (ETH) held in centralized exchanges has hit a nine-year low of 8.97 million tokens.
- The exodus of coins may lead to reduced market availability and potential price surge.
- A similar trend was observed with BTC, which saw a price surge after hitting a seven-year low on exchanges.
The number of ether (ETH) held in wallets tied to centralized exchanges has dropped to an over nine-year low of 8.97 million tokens, according to data tracked by CryptoRank and Santiment.
That's the lowest tally since November 2015.
STORY CONTINUES BELOW
The continued exodus of coins from centralized trading platforms may result in reduced availability of coins in the market, potentially leading to an upward price surge.
"Investors continue moving ETH to cold storage, reducing available liquidity. BTC saw a similar trend in January when exchange reserves hit a 7-year low, followed by a sharp price surge," CryptoRank said.
The number of BTC held on centralized exchanges hit a seven-year low on Jan. 13 following which prices climbed from roughly $90K to over $109K in the subsequent days.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
