Ethereum

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/altcoin/ethereum-exchange-reserves-plummet-to-a-5-year-low-after-massive-110k-eth-withdrawal/">Ethereum Exchange Reserves Plummet to a 5-Year Low After Massive 110K ETH Withdrawal</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<p>Ethereum (ETH), the largest smart contract and DeFi ecosystem, is experiencing a surge in on-chain activity, coinciding with the launch of futures ETFs. Market data from Coingecko reveals that during early Asian trading on Thursday, Ethereum witnessed a 24-hour trading volume of approximately $7 billion.</p>
<p>Ethereum’s transition to a proof-of-stake (PoS) blockchain has attracted investors looking to participate in the leading DeFi ecosystem. Ethereum became a deflationary asset after the EIP 1559 upgrade, burning approximately 2.498 million Ether valued at around $8.369 billion.</p>
<h2 class="wp-block-heading" id="h-santiment-s-insights-on-ethereum-on-chain-activity"><strong>Santiment’s Insights on Ethereum On-Chain Activity</strong></h2>
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f62e.png" alt="😮" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> saw about ~110K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> ($181M) move off of exchanges Wednesday, the largest outflow day since August 21st. The amount of non-exchange Ethereum now sits at an <a href="https://twitter.com/hashtag/AllTimeHigh?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#AllTimeHigh</a> 115.88M <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>, while its exchange supply is at its lowest in ~5.5 years. <a href="https://t.co/PUOWGt0KS0" rel="noopener noreferrer nofollow">https://t.co/PUOWGt0KS0</a> <a href="https://t.co/u54pp6LZij" rel="noopener noreferrer nofollow">pic.twitter.com/u54pp6LZij</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1709743778817540311?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 5, 2023</a>
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<p>Leading crypto market intelligence platform Santiment suggests that Ethereum’s price could be on the cusp of a significant breakout due to increased demand. Notably, Santiment highlights that the supply of Ether on centralized exchanges has reached an all-time low (ATL) due to a surge in outflows to self-custodial wallets.</p>
<p>On a recent Wednesday, Santiment’s on-chain analysis tools recorded approximately 110,000 Ether being moved from crypto exchanges to self-custodial wallets. Consequently, the amount of Ether held in self-custodial wallets has reached an all-time high (ATH) of approximately 115,880,000 ETH units out of the current total supply of approximately 120,241,846 coins.</p>
<h2 class="wp-block-heading" id="eth-strong-price-analysis-strong">ETH <strong>Price Analysis</strong></h2>
<p>Amid the ongoing crypto recovery from a two-year bear market, Ethereum’s price is expected to lead in price discovery in the coming weeks. Furthermore, historical data suggests that October, particularly in pre-halving years, tends to be a generally bullish month for the entire crypto industry.</p>

Ethereum Exchange Reserves Plummet to a 5-Year Low After Massive 110K ETH Withdrawal

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