Ethereum stocks on exchanges are rapidly melting, which stimulates the growth of the exchange rate

Cryptocurrency data providers note rapid depletion of ethereum reserves in centralized exchanges, which could lead to a jump in the rate.

Analytical platform CryptoQuant reported that over the past two days, total Ether reserves on exchanges fell 27% to 8.1 million ETH. If market participants continue to buy cryptocurrency at the same rate, then soon a deficit may arise, which will become a powerful factor in the growth of the asset price.

Other data providers also point out that exchange reserves have decreased by 42.5% since May 2020. According to the research platform Glassnode, the last time such low stocks were observed was in July 2018. Currently, trading platforms have only about 7% of the total emission of ETH at their disposal..

There are many bullish signals in the ether market right now, including a supply / demand imbalance of around 9%. Over the past day, its rate has risen by 8.1% to $ 1228.

Ethereum stocks on exchanges are rapidly melting, which stimulates the growth of the exchange rate

For comparison, according to According to CryptoQuant, bitcoin reserves on exchanges have dropped by only 21% since March 2020, and since October 21 – by 4.5%.

Amid growing attractiveness of cryptocurrencies over the past year, the number of financial advisors working with this asset class has increased by 50%.

text: Ivan Malichenko, photo: Shutterstock

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