Ethereum Supply in Exchanges Alarms! Bullish Signal for ETH?

long awaited Ethereum futures ETFs launched at the beginning of the week. However, it did not receive the expected attention and demand for ETFs has remained weak since then.

However, on-chain data investors to ETH It shows that the activity continues in terms of interest.

at this point centimetersaid that the number of Ethereum available on cryptocurrency exchanges is currently in the lowest range in five years.

Stating that investors do not keep ETHs in exchanges, Santiment stated that ETHs are kept in off-exchange wallets.

Accordingly, approximately 110,000 from the exchanges on Wednesday. ETH‘s movement, making Wednesday the biggest breakout day since August 21.

Stating that the amount of ETH held in off-exchange wallets reached 115.88 million ETH, the highest level of all time, Santiment pointed out that the ETH supply on the exchanges is at the lowest level in 5.5 years.

“Ethereum saw movement of approximately 110K ETH ($181 million) on exchanges on Wednesday, its biggest breakout day since August 21.

At this point, the amount of Ethereum off-exchange has now reached an all-time high of 115.88 million ETH, while the ETH supply on exchanges is at a 5.5-year low.”

ETHCommenting on this situation, analysts think that, historically speaking, any increase in token outflows from cryptocurrency exchanges is a bullish sign.

Rising up to $1,750 with the rise at the beginning of the week Ethereumis traded at $1,634 at the time of writing.

😮 #Ethereum saw about ~110K $ETH ($181M) move off of exchanges Wednesday, the largest outflow day since August 21st. The amount of non-exchange Ethereum now sits at an #AllTimeHigh 115.88M $ETH, while its exchange supply is at its lowest in ~5.5 years. https://t.co/PUOWGt0KS0 pic.twitter.com/u54pp6LZij

— Santiment (@santimentfeed) October 5, 2023

*This is not investment advice.