- Ethereum exchange balance fell to a five-year low.
- According to Glassnode data, the number of ETH held on exchanges stands at 17.86 billion, the highest level since April 2018.
- Ethereum balances on exchanges have been declining since mid-2020, but began to see an even faster rate of decline in September 2022 as the network transitioned to Proof of Stake (PoS).
- A CryptoSlate analysis found that withdrawals have outpaced deposits for much of this year, resulting in more than 1.59 billion ETH leaving the exchange.
- The decline in Ethereum balances that began in September 2022 coincided with broader market trends seen with Bitcoin, as the number of BTC held across exchanges also dropped sharply from October to December 2022. I am doing it.
- However, bitcoin exchange balances have increased since the beginning of the year, potentially signaling market expectations of price volatility.
Post-Ethereum trading balances dropping to a five-year low first appeared on CryptoSlate.
