Ethereum (ETH), the world’s second-largest cryptocurrency, is poised for an upward trajectory after successfully retesting at $2,100. As of the latest update, the price of Ethereum is comfortably trading at $2,220.
Insights from the market intelligence platform Santiment, shared on X, indicate a noteworthy trend in Ethereum’s market dynamics. The largest exchange wallets associated with Ethereum are actively redistributing coins, either transferring them into smaller wallets or completely withdrawing them from exchanges. This strategic movement has resulted in Ethereum’s Top 10 exchange wallets collectively relocating 240,000 ETH within the span of 24 hours, marking a 2.99% reduction in the coins held.
👍 As #Ethereum's market value hangs just above $2,170, the largest exchange wallets continue to move coins into smaller wallets or off exchanges entirely. 240K $ETH has been collectively moved from these wallets in 24 hours, a 2.99% drop in coins held. https://t.co/Fw7lKcVZan pic.twitter.com/AMFPDL4BXp
— Santiment (@santimentfeed) December 19, 2023
The report specifies that ETH’s 10 Largest Exchange wallets have experienced a decrease from 8.03 million to 7.79 million ETH in a single day, reflecting a significant shift in the distribution of Ethereum across various wallets.
Just 8.07% Of All Ethereum Supply Is Held On Exchanges
Intriguingly, the data presented unveils that 8.07% of the total ETH supply is currently held on exchanges, reaching its lowest level since the Genesis period. This suggests a growing trend of Ethereum holders opting to secure their assets in smaller wallets or exploring alternative storage solutions, contributing to the decrease in Ethereum’s supply on exchanges.
The implications of this trend are sparking interest and speculation within the crypto community, with investors and enthusiasts closely monitoring Ethereum’s resilience amid these evolving market dynamics. As Ethereum positions itself for potential upward momentum, the ongoing redistribution of coins among wallets adds an intriguing layer to the narrative, raising anticipation for what lies ahead in the Ethereum market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.