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ETH Balance On Digital Asset Exchanges Drops To Lowest Levels Since 2018

Around 1.61 Billion USD worth of ETH has left virtual asset exchanges year-to-date, ahead of its protocol‘s potential full merge to POS in summer.

The amount of Ether kept with digital asset exchanges has dropped to its lowest levels since the month of September 2018, signaling traders‘ intention to hold the tokens in hopes of a price rally this year.

Notably, approximately 550k ETH (worth around 1.61 Billion USD), have left centralized exchanges year-to-date, as per data provided by Glassnode. The huge outflow has decreased the exchanges‘ net-ETH balance to 21.72 Million ETH, down from its record high of 31.68 million ETH in June 2020.

Interestingly, more than thirty percent of all ETH‘s withdrawals from exchanges witnessed in 2022 occurred earlier this week, according to data from IntoTheBlock. In detail, more than 180k ETH left digital asset trading platforms on 15th March, bringing the weekly outflow‘s worth to a little more than five hundred million dollars as of March 18.

According to Chainalysis data, Ether tokens could have left the crypto exchanges last week at an average of around 120k units per day, which is a bullish signal. Chainalysis mentioned,

“Assets held on exchanges increase if more market participants want to sell than to buy and if buyers choose to store their assets on exchanges.”

As per IntoTheBlock, the increase in Ether withdrawals from exchanges last week coincided with about 190k ETH moving into Lido‘s “stETH liquid stakin” pools.

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