Main navigation

ETH Exchange Reserves Drop to 2-Year Low, While ETH Address Data Shows Several New ATHs

News
Wed, 08/18/2021 - 09:12
article image
Yuri Molchan
ETH exchange balances keep melting as analytics data on Ethereum wallets shows several new all-time highs achieved recently
ETH Exchange Reserves Drop to 2-Year Low, While ETH Address Data Shows Several New ATHs
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

Data shared by the on-chain analytics vendor CryptoQuant shows that ETH supply on centralized cryptocurrency exchanges continue to shrink as users are withdrawing it to either put into cold storage, use in yield-farming projects or send to the Ethereum 2.0 deposit contract.

Downtrend for ETH exchange balances continues

According to charts shared by CryptoQuant and Glassnode data aggregators, investors keep on withdrawing Ethereum from crypto exchanges.

The downward trend of ETH balances continues and the number of ETH withdrawals from trading platforms (7-day moving average) has hit a one-month high of 1,769.625.

The second biggest cryptocurrency, Ether, managed to reclaim the $3,000 level after the London hard fork on Ethereum went live at the start of the month.

By now, Ethereum has declined to $3,041 and is so far holding here.

6.8 million ETH locked in Ethereum 2.0 contract

Glassnode has also shared that by now the amount of Ethereum deposited to the ETH 2.0 contract has reached a staggering 6,837,922 coins – a new all-time high and a rise by 100,000 ETH in two days.

Related
Fed’s Kashkari on Crypto: "95 Percent Fraud, Hype, Noise"

New Ethereum wallets ATHs, surge in 1,000+ ETH addresses

As per the data shared by Glassnode team, the number of ETH wallets with non-zero balances has hit a new all-time high, reaching 59,909,435 addresses.

The number of new ETH wallets has soared to a one-month high and now it constitutes 3,861.976.

Besides, more users are acquiring large amounts of Ether as the number of addresses that hold 1,000 ETH or more has hit the highest point in 3 months – 6,416.

article image
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. ‘Hodls’ 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.