However, the amount of ethereum on exchanges has been dropping significantly in the last few weeks. More than 29% of ether stored on exchanges have left central trading platforms in less than two years. Since December 2021, approximately 5.89%, or 1.51,000,000 ether, has left exchanges.
The number of Ethereum traded on exchanges continues to decline
Bitcoin.com News published seven days ago about the number bitcoin (BTC), traded on exchanges, and how it fell to its lowest point in three year. The same trend is evident with the number of ETH (ETH) that are stored on exchange platforms.
The amount of ethereum currently stored on exchanges is currently 24.09 million ethereum, or $71.3 billion at the time of writing. Today’s ether quantity, or number, is just over three years lower than it was on December 1, 2018.
According to cryptoquant.com’s balance data, more than 34.2 millions ethereum was stored on exchange platforms during the first week in August 2020. ETH was trading at $375 per token in 2020. This means that trading platforms had $12.8 billion of ethereum.
Today’s exchange rates show that the 34.2million equates to more ethereum worth more than $101 billion. Between that time and today, 29.56% left exchanges.
Actually, 5.89% (or 25.6 million ether) of the ethereum that was held on exchanges has left the centralized trading platforms since December 2021. According to data from Bituniverse and Etherscan as well as Chain.info, Binance had 3.59 million worth ethereum (ETH), valued at $10.5 Billion on March 19, 2022.
Huobi Global has 2.13 million ether worth $6.25 Billion, Kraken has 2.27 million worth $6.6 Billion and Okex currently holds 364,630 worth of ether.
Supporters will be pleased to see that Ethereum (ETH) is leaving exchanges. This indicates that users are using non custodial storage solutions. Selling pressure is decreasing and liquidity on exchanges shrinks due to less Ethereum.
A large amount of ethereum has been dedicated to staking solutions. The recent decline in ethereum exchange balances indicates that significant amounts of ether could be used for staking operations.