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 In the past 24 hours, Ethereum has witnessed a remarkable and unprecedented drop in its availability on centralized exchange platforms. Santiment, an on-chain analytics firm, reported that Ethereum’s supply on exchanges is now at its lowest level since its inception in 2015.
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The analytics firm noted that the proportion of Ethereum held in exchange wallets has dwindled to a mere 8.41%, a level reminiscent of Ethereum’s early days in 2015.
<blockquote class="twitter-tweet">
 <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;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f433.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> has fared well during this market-wide <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#crypto</a> surge. Prices crossed $1,850 for the first time since August 15th, and the now 8.41% of <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> supply on exchanges is the lowest since <a href="https://twitter.com/hashtag/genesis?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#genesis</a> in 2015. Whale transactions also hit a 6-month high. <a href="https://t.co/yApmiKc7Ib" rel="noopener noreferrer nofollow">https://t.co/yApmiKc7Ib</a> <a href="https://t.co/QZRRmt1AET" rel="noopener noreferrer nofollow">pic.twitter.com/QZRRmt1AET</a>
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1716956997059572102?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 24, 2023</a>
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Santiment attributed this reduction in Ethereum supply on exchanges to the surge in Ethereum’s price, which has generated substantial excitement among holders. It has led to a significant number of Ethereum holders withdrawing their coins from exchanges.
Several other analytics firms have reported a surge in large-scale transactions, with major Ethereum holders moving their assets away from centralized trading platforms. A report from <a style="color: #0000ff;" href="https://twitter.com/OnchainDataNerd/status/1716712846262984999" rel="noopener noreferrer nofollow">OnchainDataNerd</a> revealed that in the last 24 hours, a substantial 56,070 ETH (equivalent to $98.06 million) was acquired by numerous new large-scale holders.
Over the past few days, Ethereum’s value has increased by an impressive 12.70%, moving from $1,638.8 to an impressive $1,846. The token also surpassed the $1,850 mark for the first time in nearly three months. This price surge signifies a resurgence of interest and confidence in Ethereum.&nbsp;
<figure id="attachment_11624" aria-describedby="caption-attachment-11624" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" loading="lazy" class="size-full wp-image-11624" src="https://defi-planet.com/wp-content/uploads/2023/10/Ethereum-market-chart-from-Trading-view-on-DeFi-Planet.png" alt="Ethereum price action from Trading view on DeFi Planet" width="512" height="286" srcset="https://defi-planet.com/wp-content/uploads/2023/10/Ethereum-market-chart-from-Trading-view-on-DeFi-Planet.png 512w, https://defi-planet.com/wp-content/uploads/2023/10/Ethereum-market-chart-from-Trading-view-on-DeFi-Planet-300x168.png 300w" sizes="(max-width: 512px) 100vw, 512px">
 <figcaption id="caption-attachment-11624" class="wp-caption-text">
 Ethereum Current Price | Source: <a href="https://www.tradingview.com/chart/?symbol=CRYPTO%3AETHUSD" rel="noopener noreferrer nofollow">Trading View</a>
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There are several factors contributing to Ethereum’s recent price rally. Much of this surge has been attributed to the rising price of Bitcoin, which has experienced a 15% increase since the beginning of the week.
In addition to these factors, Grayscale, a prominent cryptocurrency asset manager, has recently<a href="https://www.wsj.com/livecoverage/stock-market-today-dow-jones-09-19-2023/card/grayscale-files-for-new-ether-futures-etf-xsF02RXIDgyrtR3V72Lo" rel="noopener noreferrer nofollow"> applied for approval</a> to launch an Ethereum futures exchange-traded fund (ETF). This development has added to the growing optimism around Ethereum.
However, following the initial surge, Ethereum’s price has experienced a slight 3.11% decline, with its current value at $1,807. Market experts and investors will be closely monitoring the evolving dynamics of Ethereum’s supply on exchanges and its price performance in the coming days.
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The post <a rel="noopener noreferrer nofollow" href="https://defi-planet.com/2023/10/ethereums-supply-on-centralized-exchanges-falls-to-8-41-lowest-since-2015/">Ethereum’s Supply on Centralized Exchanges Falls to 8.41% – Lowest Since 2015</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://defi-planet.com">DeFi Planet</a>.

Ethereum’s Supply on Centralized Exchanges Falls to 8.41% – Lowest Since 2015

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