Ethereum
More Bitcoin and Ethereum are leaving exchanges: what is happening?
- Exchanges are seeing less BTC and ETH.
- Holders continued to increase despite the stock market decline.
Bitcoin [BTC] And Ethereum [ETH] are the two most important assets based on their market capitalization. But recent data indicates that one of them is becoming rarer.
Bitcoin and Ethereum on exchanges fall
AMBCrypto’s analysis of Bitcoin And Ethereum The stock market balance measurement indicated a decline in the availability of these assets on the exchanges.
Interestingly, Ethereum’s balance on exchanges saw a more pronounced decrease than Bitcoin’s.
According to data from Glass knot between March 2023 and today, the ETH balance on exchanges has fallen by almost 6%.
From 16% in March 2023, it fell to 10.66% according to the latest figures.
Conversely, the BTC balance on exchanges saw a lighter decline of almost 2%, from 13% in March 2023 to around 11.85% at press time.
Source: Glassnode
The decreasing balance of Ethereum on exchanges suggests an increasing scarcity of assets available for trading.
Typically, a drop in balance on exchanges implies that holders withdraw their assets from trading platforms.
In the case of Ethereum, this could also indicate that holders are withdrawing and staking their assets for potential returns, further reducing the supply available for trading.
Source: Glassnode
Has this affected the number of holders?
Bitcoin And Ethereum Santiment holders revealed a steady growth trend.
At the time of this assessment, the number of BTC holders had reached almost 54 million, while Ethereum had over 121 million holders.
This data suggests that both assets have steadily increased in holders over the past few months, indicating sustained interest and adoption.
Source: Santiment
The increase in the number of holders also aligns with the decreasing balance of these assets on exchanges, as observed in previous analyses.
This trend suggests that holders are actively withdrawing their assets from exchanges, possibly to hold them for the long term or for other investment strategies.
Such behavior is generally interpreted as a positive sign for assets, as it reflects confidence in their long-term value and usefulness.
Bitcoin and Ethereum Profits Rise
Bitcoin and Ethereum supply profit analysis indicated a recent upward trend. As of this writing, ETH profit supply was almost 117 million, while BTC recorded almost 18 million.
Read Bitcoin [BTC] Price prediction 2023-24
This upward movement aligns with the recent price rebound seen in the BTC and ETH markets.
At the time of writing, ETH was trading at around $3,200 with a gain of over 2%, while the price of Bitcoin was around $65,200, also seeing an increase of almost 2%. .