Analytics data vendor Santiment has published a tweet saying that Ethereum balances on multiple crypto exchanges have seen a historic drop.
The overall balance of the second largest cryptocurrency on crypto trading platforms has declined and went below 18 percent – that’s the lowest figure since November 2018.
Santiment believes that by moving their Ether out of exchanges into cold storage wallets, users have reduced the chances of a major ETH sell-off in the near future.
📉👍 To kick off July, #Ethereum holders continued to make history by lowering the percent of $ETH held on exchanges to its lowest ratio since November, 2018. Dropping below 18% for the first time in 31 months lowers the risk of a future major selloff. https://t.co/h7WmA7IoEI pic.twitter.com/rfyT9lwBHy— Santiment (@santimentfeed) July 2, 2021
At the time of writing this article, Ethereum is trading at the $2,061 level. Earlier this year, ETH managed to hit an all-time high of $4,362 on May 12, as per the data provided by CoinMarketCap.
From the $1,368 price mark that ETH started 2021 with to the day when it reached the ATH in May, the second most popular crypto has seen a growth of 221 percent.
Since May 12, Ethereum has gone through a 54.73 percent decline, having recently recaptured the crucial $2,000 level.