Almost a quarter of the circulating ether supply (ETH) is held on cryptocurrency exchangesAccording to the analysis platform ViewBase.
The website shows that 26,768,260 ETH are distributed on exchanges, That equates to 23.6% at a value of $ 10.3 billion. Almost 26 million of these tokens are held by 10 central exchanges, with Coinbase only trading at 8,521,807 ETH, 7.5% of the supply.
Ether is way ahead of Bitcoin (BTC) in terms of the percentage of tokens held on exchanges. Bitcoin has 8.1% of its circulating supply on crypto exchanges.
Earlier this month the cryptocurrency statistician Willy woos said believe that when the number of coins held on exchanges decreases, “It’s a sign that new buyers are arriving to get the coins off the markets and into a cold wallet.”. Therefore, according to Woo, the relatively small percentage of BTC on exchanges is “macro-bullish”.
According to the cryptocurrency data aggregator Glass knotThe amount of Bitcoin held on exchanges has decreased significantly for most of the year. down from the all-time high of 2.97 million BTC in February to less than 2.6 million yesterday.
Glassnode is also showing bullish signals for Bitcoin with a daily number of new addresses for Bitcoin of roughly 480,000, six times as many as Ether, which has fewer than 80,000 new addresses created daily.
It should also be noted that the seven day moving average of the net flow volume of exchanges, both Bitcoin and Ether, has been negative since early August. The net flow volume is that Number of coins sent to exchanges minus the amount withdrawn. This suggests that while ether has a high percentage of coins on the exchanges compared to other coins, the general sentiment has been moving in the direction of an uptrend in recent months.
Glassnode doesn’t reflect the same percentage of coins held on exchanges as ViewBase. According to Glassnode There are less than 16.6 million ETH (14.7%) and nearly 2.6 million BTC (14%) on exchanges.