Bitcoin
BTC$19 461.08

2.32%

Ethereum
ETH$1 338.47

2.67%

Tether
USDT$1.000063

0.01%

USD Coin
USDC$1.000039

0%

Binance Coin
BNB$281.85

3.22%

XRP
XRP$0.440696

2.69%

Ether balances on centralized exchanges fall to lowest level since June 2019


11 May 2021

#Ethereum

Glassnode asserts that Bitcoin investors have been converting BTC into Ether during May. According to analysis from on-chain analytics provider Glassnode, the sum of Ethereum on exchanges has fallen to its lowest level for almost two years. Glassnode estimates that just 13.3 million Ether is currently held on centralized exchanges, the lowest it has been since June 2019. As such, centralized platforms hold roughly $52.4 billion worth of ETH or 11.5% of Ethereum’s entire supply.

The number of Ether on centralized exchanges has fallen 30% in 9 months since peaking at 19 million ETH during September 2020.

A low balance of ETH on exchanges is typically understood to be bullish for the markets as it drives a reduction in supply relative to demand on popular trading platforms. Dwindling exchange balances suggest long-term investors are moving their assets into secure storage or locking their funds up to earn yields through decentralized finance protocols or staking.

In its Monday “Week on Chain” report, the data provider also noted that there has been some reduction in exposure to Bitcoin in favour of Ethereum. Glassnode correlated the spending behavior of reasonably old Bitcoin unspent transaction outputs of between 6 months and 3 years, finding evidence that long-term investors could have been recently flipping into ETH:

“Whilst this is only an empirical observation (correlation causation), the distinct increase in these older BTC being spent back into circulation after a prolonged period of holding makes a compelling case.”

Bitcoin Spent Outputs vs ETH price: Glassnode

The report added that on-chain activity has increased significantly over the past four weeks for Ethereum amid Ether’s recent bullish price action. The total number of smart contract calls, Uniswap transactions, and daily transactions, have all seen notable upticks since the beginning of the year.

Daily transactions hit an all-time high of 1.63 million this week, representing a 22.5% increase over December 2017’s previous peak. At the time of writing, Ethereum prices were trading at just below $3,900 — cooling from their recent all-time high of $4,220 on May 10.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 84.4% 23 $19 461.08 2.32% 1.73% $372 947 421 190 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 65.6% 71 $1 338.47 2.67% 3.37% $164 063 740 646 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 90.8% 1 $1.000063 0.01% 0% $67 960 467 972 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 91.2% 1 $1.000039 0% -0.01% $48 692 852 875 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 85.6% 15 $281.85 3.22% 5.15% $45 473 272 487 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 62% 83 $0.440696 2.69% 3.48% $21 991 040 706 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $0.999924 -0.01% -0.03% $21 040 625 882 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 81.2% 35 $0.436499 0.84% -4.04% $14 945 771 053 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 79.6% 30 $33.64 3.20% 4.33% $11 934 820 459 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 92.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 87.6% 16 $0.060348 1.02% 1.96% $8 006 449 796 DOGE 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 70.8% 55 $6.46 2.17% 0.33% $7 245 669 390 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 92% 1 $0.999547 -0.01% -0.05% $6 861 465 670 DAI 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 70.8% 62 $0.747959 2.09% -0.35% $6 532 915 104 MATIC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 93.2% 5 $0.060063 2.18% 0.71% $6 107 005 130 WTRX 7 days price change

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