Ethereum Exchanges Emptying as Price Rises

Ethereum exchange balances fell nearly 18% between June 3 and August 27, according to new data from Santiment. This decline is in stark contrast to Bitcoin's exchange balances, which rose about 0.25% over the same period.

The ETH outflow did not slow as the price gained ground. Another 275,000 coins left exchanges after August 19 alone, pushing balances to the lowest point of the twelve-week period.

Ethereum's price has climbed roughly 27% since August 16, Santiment noted. Despite this rally, exchange-held ETH continued to decline, from about 7.69 million coins on June 3 to roughly 6.28 million by August 27.