ETH Miner Balance & Exchange Reserves Record a Big Drop
The price of Ethereum is moving closer and closer to its all-time high of $1,420 with each passing day.
On Wednesday, the digital asset surged to about $1,230 on Coinbase, a level last seen in the mid of January 2018. These gains pushed Ether’s market cap to $137 billion, making it the 71st largest asset, worth more than Citigroup, Wells Fargo, Morgan Stanley, Shopify, and Starbucks, as per AssetDash.
Adding to the bullishness is the fact that ETH miner balances that have fallen to an all-time low, excluding the open ICO weeks back at the time of its launch in 2015.
Much like ETH miner balance, ETH ETH 7.04% Ethereum / USD ETHUSD $ 1,224.82
$86.23 7.04% Volume 42.28 b Change $86.23 Open $1,224.82 Circulating 114.15 m Market Cap 139.82 b 25 s ETH Miner Balance & Exchange Reserves Record a Big Drop 19 h IGT Gets Regulatory Approval to Use Bitcoin & Crypto’s at Slot Machines 22 h Tron & BitGo Launch Wrapped Bitcoin (WBTC) And Ethereum (WETH) On Its Blockchain is also moving out of the centralized exchanges. Investors are moving their digital assets out of the exchanges much like Bitcoin in favor of HODLing.
Since Feb. 2020, Bitcoin’s exchange reserves decreased by 31% while for ETH, its exchanges’ reserves have declined by 20% since May 2020.
“It seems the sell-side liquidity crunch started to hit ETH just like the BTC market,” notes Ki-Young Ju of CryptoQuant. And this only means one thing, if Bitcoin’s is any indication, new highs for the digital asset.
Besides these growing numbers of ETH being moved out of circulation, 6.79 million ETH are locked in DeFi, 2.3 million ETH are deposited in ETH 2.0 deposit contract, and 2.94 million locked with Grayscale, reducing the overhead selling pressure.
Another bullish factor is the upcoming launch of ETH futures on the regulated venue CME, which has climbed the top spot in terms of Bitcoin futures open interest. And this of course, bodes well for Ethereum.
Already, the global open interest (OI) for Ethereum futures has skyrocketed by 75% this past 7 days to nearly $3.5 billion.
Like what you read? Give us one like or share it to your friends