Ethereum Exchange Balances Plummet by 18% Since June
Ethereum exchange balances have dropped by approximately 18% since early June, indicating that investors are moving their assets into private custody rather than keeping them on exchanges. This trend is a bullish sign, as it suggests reduced selling pressure and potentially supports price stability.
According to data from Santiment, the number of ETH held on major centralized exchanges has decreased from about 7.69 million to 6.28 million tokens since June. Additionally, an extra 275,000 ETH have been withdrawn since August 19 alone.
This marks the lowest exchange balance recorded during the measured period and is a significant shift in investor behavior. Historically, similar trends have preceded periods of reduced volatility or upward price pressure as the pool of readily sellable assets shrinks.