$ETH Exchange Balances Plummet by 18% Since June
The number of Ethereum tokens held on major centralized exchanges has dropped by approximately 18% since early June, according to data from Santiment. This decline represents a move toward long-term holding strategies among $ETH holders, reducing immediate sell pressure in the market.
Since August 19 alone, an additional 275,000 Ethereum tokens have been withdrawn from exchanges. This marks the lowest exchange balance recorded during the measured period.
The reduction in exchange balances is often seen as a bullish signal, as it indicates that investors are less inclined to sell their $ETH holdings in the near term. When tokens are transferred to self-custody wallets, they are typically held for longer periods, reducing the available supply on trading platforms and potentially supporting price stability.