Ethereum

The number of ETH sitting on crypto exchanges continues to decrease and is now down to its lowest position since public trading began almost a decade ago.
However, that has not stopped the price of the second-largest cryptocurrency from further dropping to a new 6-week low.
<ul>
<li>CryptoPotato <a href="https://cryptopotato.com/for-the-first-time-since-2015-nearly-90-of-the-eth-supply-now-in-self-custody/" data-wpel-link="internal">reported</a> in late March that the Ethereum supply held on exchanges had declined to just 10.31%.</li>
<li>It seems investors have only continued withdrawing their ETH portions from trading platforms, as Santiment updated that the percentage has further declined to 10.1%.</li>
<li>The analytics resource asserted that this is the lowest figure since the asset began public trading after its launch in 2015.</li>
</ul>
<blockquote class="twitter-tweet">
<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f45b.png" alt="👛" class="wp-smiley" style="height: 1em; max-height: 1em;" /> As <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">#Ethereum</a> has dipped to $1,780 today, we&#8217;ve seen exchange supply continue to decrease. The percentage of <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">$ETH</a> on exchanges is at its lowest (10.1%) since public trading began in 2015. This is essentially the <a href="https://twitter.com/hashtag/AllTimeHigh?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">#AllTimeHigh</a> for non-exchange holdings. <a href="https://t.co/WVmeAJhhMM" data-wpel-link="external" target="_blank">https://t.co/WVmeAJhhMM</a> <a href="https://t.co/eMXoRh9R76" data-wpel-link="external" target="_blank">pic.twitter.com/eMXoRh9R76</a>
— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1656748605787766784?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">May 11, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<ul>
<li>At first, this data should sound bullish for the asset. This is because the selling pressure should be lower, given the fact that there are fewer coins sitting on trading platforms.</li>
<li>However, this has not been the case for the past few days. ETH touched $2,000 less than a week ago, but the subsequent rejection pushed it down hard.</li>
<li>After the CPI <a href="https://cryptopotato.com/bitcoin-soars-above-28k-as-us-april-inflation-lower-than-expected/" data-wpel-link="internal">announcement</a> on Wednesday, it pumped to $1,900 once again. Since then, though, ETH has plummeted by over $200 and earlier today charted a 6-week low of $1,740 (on Bitstamp).</li>
</ul>
The post <a href="https://cryptopotato.com/ethereum-crashes-to-6-week-lows-despite-eth-on-exchanges-declining/" rel="nofollow">Ethereum Crashes to 6-Week Lows Despite ETH on Exchanges Declining</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Ethereum Crashes to 6-Week Lows Despite ETH on Exchanges Declining

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