ETH Exchange Reserves Drop to 2-Year Low, While ETH Address Data Shows Several New ATHs

ETH Exchange Reserves Drop to 2-Year Low, While ETH Address Data Shows Several New ATHs

Data shared by the on-chain analytics vendor CryptoQuant shows that ETH supply on centralized cryptocurrency exchanges continue to shrink as users are withdrawing it to either put into cold storage, use in yield-farming projects or send to the Ethereum 2.0 deposit contract.

$ETH reserve for all exchanges keeps downward trend, renewing two-year low.Live Chart 👉— (@cryptoquant_com) August 18, 2021

Downtrend for ETH exchange balances continues

According to charts shared by CryptoQuant and Glassnode data aggregators, investors keep on withdrawing Ethereum from crypto exchanges.

The downward trend of ETH balances continues and the number of ETH withdrawals from trading platforms (7-day moving average) has hit a one-month high of 1,769.625.

The second biggest cryptocurrency, Ether, managed to reclaim the $3,000 level after the London hard fork on Ethereum went live at the start of the month.

By now, Ethereum has declined to $3,041 and is so far holding here.

6.8 million ETH locked in Ethereum 2.0 contract

Glassnode has also shared that by now the amount of Ethereum deposited to the ETH 2.0 contract has reached a staggering 6,837,922 coins – a new all-time high and a rise by 100,000 ETH in two days.

📈 #Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 6,837,922 ETHPrevious ATH of 6,837,890 ETH was observed on 17 August 2021View metric:— glassnode alerts (@glassnodealerts) August 18, 2021

New Ethereum wallets ATHs, surge in 1,000+ ETH addresses

As per the data shared by Glassnode team, the number of ETH wallets with non-zero balances has hit a new all-time high, reaching 59,909,435 addresses.

The number of new ETH wallets has soared to a one-month high and now it constitutes 3,861.976.

Besides, more users are acquiring large amounts of Ether as the number of addresses that hold 1,000 ETH or more has hit the highest point in 3 months – 6,416.