According to Santiment, the amount of Ethereum held by crypto exchanges is now at its lowest level in more than two and a half years.
“Ethereum holders have continued to make history by lowering the percentage of ETH held on exchanges to its lowest ratio since November 2018.”
The crypto analysis company arguments that this decline is bullish for the second largest cryptocurrency.
“Falling below 18% for the first time in 31 months reduces the risk of a future sell-off. “
Santiment says Bitcoin is witnessing a similar situation, albeit over a shorter period.
“After Bitcoin’s drop in mid-May, the supply of BTC sitting on the exchanges has steadily declined and blocked to be guarded by HODLers (hold on for life).
This is a good sign for bullish, as funds that move away from stock markets reduce the risk of massive sales. »
Sentiment this that the amount of Ethereum in the hands of large investors recently reached the highest level in almost four years.
“Our whale tracking data indicates that ETH’s whale address containing more than 10,000 pieces now holds 70% or more of the supply for the first time since September 2017.”
In addition, Santiment this that this week, Ethereum’s address activity surpassed Bitcoin’s for the first time as its price rebounded from the last levels recorded in March.
“For the first time in crypto history, ETH address activity is ABOVE BTC address activity as prices have climbed back above $ 2,100. “
The crypto analysis company add that the increase in Ethereum’s address business had caused a noticeable rebound in altcoin prices.
“Altcoins have seen a pretty big resurgence in the last 36 hours or so. Much of this can be attributed to the pop of ETH address activity that saw it surpass the BTC event.
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Image en vedette : Shutterstock/Dave Massey