The amount of Etherium (ETH) on the wallets of cryptocurrency exchanges has reached a 19-month low. The number of “whales” on the air is also declining. According to Glassnode, last Sunday, ETH worth $ 560 million was withdrawn from the cryptocurrency exchanges. Thus, the amount of ether on the wallets of the exchanges decreased to 14.7 million, which is at least nineteen months.
Daily On-Chain Exchange Flow#Bitcoin $BTC ➡️ $1.6B in ⬅️ $1.5B out Net flow: +$83.7M#Ethereum $ETH ➡️ $926.3M in ⬅️ $1.5B out Net flow: -$560.7M#Tether (ERC20) $USDT ➡️ $660.0M in ⬅️ $740.0M out Net flow: -$80.1Mhttps://t.co/dk2HbGwhVw — glassnode alerts (@glassnodealerts) April 4, 2021
The last time the balance of ether on the wallets of cryptocurrency platforms reached a similar figure in August 2019, when Etherium (ETH) was worth $220. Recall that at the beginning of the month, the Etherium (ETH) rate reached $2,150 for the first time in history.
#Ethereum $ETH Balance on Exchanges just reached a 19-month low of 14,787,797.350 ETH View metric:https://t.co/1dCpD2ey8E pic.twitter.com/SKSTlNbzTn — glassnode alerts (@glassnodealerts) April 3, 2021
In addition, the number of “whales” – large holders of ETH decreasing. According to Glassnode, the number of addresses that store more than 1,000 ETH fell to a three-year low over the weekend, and with a balance of 100 ETH – to a twenty-month low. A similar decrease is observed for addresses with a balance of more than 10 ETH and 32 ETH.
#Ethereum $ETH Number of Addresses Holding 1k+ Coins just reached a 3-year low of 6,523 View metric:https://t.co/iDNXAbbLRt pic.twitter.com/Wk3InmOLGx — glassnode alerts (@glassnodealerts) April 3, 2021
Perhaps the “whales” of ether sell their assets against the background of price growth, move Etherium to cold wallets or to DeFi protocols. If the “whales” move ETH to cold storage, the amount of ETH on the exchanges decreases. Due to the high demand for the crypto asset, this can favorably affect its price and contribute to the further growth of the coin.
On the other hand, the drop in the number of “whales” may indicate that large holders are selling off their ETH, as they believe that the crypto asset has reached the maximum price and then its value will begin to decline. Recall that last month was the most successful for the miners of the ether, which recorded a profit of $1.38 billion.