ETH Exchange Balances Plummet as BTC Sees Slight Increase
The price of Ethereum (ETH) has climbed by about 30% since August 16, but exchange balances have fallen sharply. According to Santiment's latest findings, roughly 1.4 million ETH coins were withdrawn from exchanges between June and August.
This outflow occurred even as the altcoin's price rose, with another 275,000 coins leaving exchanges after August 19, pushing holdings to their lowest level since June.
In contrast, Bitcoin (BTC) exchange balances increased by around 0.25% during the same period and remained near the upper end of its recent range.
Crypto analyst Credible Crypto believes Ethereum could reach $20,000 in the next few years based on the altcoin's five-year trading range and potential for capital rotation into higher-risk assets.