Ethereum Reserves Plummet as Exchange Holdings Shift
Ethereum (ETH) reserves on major exchanges are shifting as investors adjust their positions. According to CryptoQuant analyst Amr Taha, Gemini and Bitfinex have seen significant outflows, while Binance's holdings remain stable.
Gemini's Ethereum reserve fell to 384,400 ETH on July 24, marking its lowest level since March 2024. The exchange has lost about 188,600 ETH, or 32.9%, since holding 573,000 ETH on April 23.
Bitfinex has also experienced a major decline, with its Ethereum reserve dropping from 2.71 million ETH on May 11 to 2.24 million ETH. This represents a reduction of roughly 470,000 ETH, or 17.3%.
Binance's Ethereum reserves have remained largely unchanged at around 3.8 million ETH during the same period.
The combined reduction in Gemini and Bitfinex's holdings amounts to approximately 658,600 fewer ETH. At Ethereum's current price of around $1,880, this is worth roughly $1.24 billion.