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ETH Balances on Exchanges See Historic Drop, Lowering Risk of Major Sell-Off: Santiment

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Fri, 07/02/2021 - 08:31
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Yuri Molchan
Data provided by a popular analytics company shows that by withdrawing a massive amount of ETH from exchanges, holders have lowered a risk of a big sell-off in the future
ETH Balances on Exchanges See Historic Drop, Lowering Risk of Major Sell-Off: Santiment
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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 โ€“ thatโ€™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.

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.

Related
Mike Novogratz: Ethereum May Become the Biggest Cryptocurrency

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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. โ€˜Hodlsโ€™ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.