Amid Ethereum’s rise to a new all-time high of over $2,140, the number of Ethereum held on crypto exchanges has dropped to a 19-month low.
According to data from on-chain analytics provider Glassnode, the amount of Ethereum on centralized crypto exchanges is currently sitting at around 14.6 million ETH. This is a mere 12.7% of the digital asset’s entire supply. The last time the value was this low was in August 2019, when Ethereum was exchanging hands at around $220 per coin.
Glassnode’s data suggests that a significant percentage of Ethereum’s supply has either been deposited on the Ethereum 2.0 staking contract, channeled towards high-yield decentralized finance protocols, or moved into cold storage by “hodlers” and institutional investors.
Recall that the amount of Ethereum on the ETH 2.0 staking contract recently surpassed 3.6 million ETH. The amount of ETH locked across DeFi protocols is also sitting at a record high of 10.8 million ETH. All of these factors reinforce a bullish sentiment regarding the future of Ethereum. Rather than sell their holdings, investors are either locking them up or using them to earn yields.
Over the weekend, Ethereum rose to a new all-time high of $2,140. As of press time, the digital asset was still trading within that range. Since the beginning of the year, Ethereum has surged by 175%.