Bitcoin$ 40,955.97 4.04%
Ethereum$ 2,228.34 3.31%
Cardano$ 0.407461 2.69%
XRP$ 0.630301 1.82%
Solana$ 64.97 1.70%
Polkadot$ 5.66 2.36%
Polygon$ 0.826729 1.94%
FINSCHIA$ 29.40 7.51%
Litecoin$ 74.18 3.36%
Avalanche$ 22.42 0.90%
Uniswap$ 6.18 1.09%
Aave$ 102.11 1.61%

Nearly 24% of All ETH is Currently Held On Exchanges

The percentage of Ether that currently sits on exchanges is very high compared to that of Bitcoin. For Ether, one-quarter is on exchanges while there is only 8.1% of Bitcoin on exchanges.

Analytics from ViewBase, a platform that provides digital asset analytics for cryptocurrency traders, indicate that almost one-quarter of ETH circulating supply is held on cryptocurrency exchanges. The analytics indicate that 26,768,260 ETH currently sits on exchanges, which is 23.6% of total ETH, with a value of $10.3 billion. 

Almost 26 million of these tokens are held in 10 centralized exchanges with Coinbase holding 7.5% of the supply, which is 8,521,807 ETH. Bitfinex holds 5,264,698 ETH, Huobi 3,285,113 ETH and Binance 2,861,544 ETH. 

The amount of ETH on exchanges is very high, almost triple that of BTC. There is only 8.1% of BTC circulating supply held on exchanges.

An Indicator of Bullish Signals?

On Oct. 7, cryptocurrency statistician, Willy Woo said on twitter that when coins held on spot exchanges dropped, it indicated new buyers coming to scoop coins off the market and moving them to cold storage in an effort to HODL. He called the drop in BTC share on exchanges macro bullish, saying there were new HODLers in the market at the moment. 

Glassnode, a crypto data aggregator, also noted that the number of BTC held in exchanges has reduced significantly for almost the entire year. This is a reduction from the all-time high of 2.97 million BTC in February to below 2.6 million yesterday. Data from Glassnode also shows there have been bullish signals for Bitcoin as the daily number of addresses created have increased. This number is approximately 480,000, six times the number of Ether, which has recorded less than 80,000 new addresses daily. An increase in number of new addresses can also support Woo’s idea of an increase in new HODLers in the crypto space, further enhancing the bullish ideology.

The seven-day moving average of exchange net flow volume for Bitcoin and Ether has been recorded as negative since august. Net flow volume is the difference between the amount of coins sent to an exchange and the amount removed. This information shows that although Ether has a higher percentage of coins held on exchanges than Bitcoin and other altcoins, there is a bullish trend in the market.

The information of percentage of coins held in exchanges differs on Glassnode and ViewBase. According to Glassnode, there are less than 16.6 million ETH (14.7%) and almost 2.6 million BTC (14%) held in exchanges.

Image courtesy of pixabay

Edward Nored

Edward Nored

Edward is a naturally curious BTC lover with a deep interest in blockchain, fin tech, fields which he dedicates his time to researching.


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