Bitcoin
BTC$43 287.80

2.05%

Ethereum
ETH$3 010.99

3.55%

Cardano
ADA$2.27

-3.89%

Tether
USDT$1.000700

-0.08%

Binance Coin
BNB$346.18

-1.47%

XRP
XRP$0.947086

0.59%

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 Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 82.4% 35 $43 287.80 2.05% -8.49% $814 966 927 933 $32 680 812 854
2 Ethereum (ETH) ETH Ethereum predictions 72.8% 49 $3 010.99 3.55% -9.89% $354 338 554 947 $21 802 081 769
3 Cardano (ADA) ADA Cardano predictions 60% 80 $2.27 -3.89% -2.90% $72 613 126 112 $5 577 581 472
4 Tether (USDT) USDT Tether predictions 94% 1 $1.000700 -0.08% -0.03% $68 590 944 713 $79 368 686 289
5 Binance Coin (BNB) BNB Binance Coin predictions 66.8% 69 $346.18 -1.47% -14.62% $58 205 321 046 $1 873 086 247
6 XRP (XRP) XRP XRP predictions 70.4% 52 $0.947086 0.59% -10.97% $44 245 636 148 $3 503 428 805
7 Solana (SOL) SOL Solana predictions 66.8% 72 $137.06 -1.92% -13.76% $40 744 147 032 $2 455 458 712
8 USD Coin (USDC) USDC USD Coin predictions 95.2% 1 $1.000483 -0.05% -0.03% $31 006 963 781 $3 830 168 851
9 Polkadot (DOT) DOT Polkadot predictions 67.6% 69 $29.44 -3.25% -12.15% $29 070 856 010 $2 592 379 334
10 Dogecoin (DOGE) DOGE Dogecoin predictions 64% 77 $0.205929 -0.86% -12.64% $27 068 780 737 $1 515 174 486
11 Avalanche (AVAX) AVAX Avalanche predictions 56.8% 87 $68.09 -3.41% -4.08% $14 998 710 235 $1 234 318 562
12 Terra (LUNA) LUNA Terra predictions 68.4% 59 $36.34 -4.22% 4.95% $14 536 281 852 $1 625 437 616
13 UniSwap (UNI) UNI UniSwap predictions 64.8% 74 $23.42 20.32% -1.22% $14 325 624 849 $1 167 934 535
14 Binance USD (BUSD) BUSD Binance USD predictions 92.4% 1 $1.000303 -0.07% -0.05% $13 693 477 670 $5 597 328 153
15 Chainlink (LINK) LINK Chainlink predictions 67.6% 70 $25.06 10.18% -9.97% $11 403 176 618 $2 018 605 273

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