Ethereum exchange reserves fall to lowest levels since 2016 amid price volatility

2024-9-6 05:00

Onchain Highlights

DEFINITION: The total amount of coins held on exchange addresses.

Ethereum (ETH) balance on exchanges has seen a notable decline throughout 2024. Starting the year with 14 million ETH, the exchange reserves gradually decreased, dipping below 12.5 million in late June and reaching a low of around 11.7 million ETH by early August.

This coincided with a period of volatility in Ethereum’s price, which saw fluctuations from around $4,000 in March to significant drops in late July.

ETH: Exchange Balance: (Source: Glassnode)

The current trend reflects a broader pattern dating back to 2020, where ETH holdings on exchanges have declined steadily, reaching levels not seen since 2016. The continued outflow from exchanges suggests increased long-term holding behavior, potentially driven by staking, DeFi activity, or self-custody solutions, as users opt to move assets off centralized platforms.

ETH: Exchange Balance: (Source: Glassnode)

The post Ethereum exchange reserves fall to lowest levels since 2016 amid price volatility appeared first on CryptoSlate.

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