The amount of <a target="_blank" href="https://tokeninsight.com/en/coins/ethereum/overview">$ETH</a> held on centralized exchanges has reached its lowest point since July 2016, according to data from Glassnode.<img src="https://s2.tokeninsight.com/static/calendar/img20230526054434b8658723-5541-4c63-9c63-92de244ba414.jpg">As of Thursday, only 14.85% of all $ETH was held in wallets owned by centralized exchanges. This decline is attributed to the growing popularity of staking, which locks up available $ETH, making it unavailable for trading.In comparison, during the bull market of 2021, the exchange balance of ETH was around 25-26%. Low exchange balances are typically considered a bullish sign as it means the supply of $ETH available for purchase is limited. This scarcity puts upward pressure on prices.&nbsp;<a target="_blank" href="https://tokeninsight.com/en/cryptocurrencies">TokenInsight</a> is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email <a href="mailto:news@tokeninsight.com">news@tokeninsight.com</a>. Your trust will be well respected.

The Number of $ETH on Exchanges Hits a Low Not Seen Since July 2016

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