ETH Exchange Balances Plummet as Institutional Buying Surges
Ethereum's (ETH) exchange balances have continued to decline, dropping from around 7.70 million on June 2 to about 6.54 million on August 18. This represents a fall of roughly 1.15 million coins, or approximately 15% over eleven weeks.
According to Santiment's latest analysis, this is in stark contrast to Bitcoin, which saw its exchange balance rise by about 1.8% from July 28 to August 18. Meanwhile, Ethereum balances fell around 2.2% over the same period.
The staking levels of ETH remain near record highs, with corporate treasuries continuing to add the altcoin. BitMine Immersion Technologies alone holds close to 5% of the supply, with most of it staked. The company's treasury holdings grew to 5,815,164 tokens.
Institutional investors have been flocking back into ETH, driven by a mix of stronger US crypto policy signals and heavy buying activity. On August 19, US spot Ethereum exchange-traded funds (ETFs) pulled in $189.15 million, with BlackRock's ETHA accounting for $122 million of Tuesday's inflows.