The number of Ethereum on top crypto exchanges has plummeted to its lowest levels in the past two years.
According to recent data published by crypto analytics platform Glassnode, crypto exchanges are taking a beating as the entire market consolidates. Brokerages now hold the smallest amount of Ethereum since June 2019. Also, there has been a 31% decline in the amount of Ethereum on crypto trading platforms from 19 million ETH in July 2020 to less than 13 million in 2021.
As reported by BTC PEERS, along with the drop in demand for Ethereum, the network’s gas fees have dropped to their lowest levels since the beginning of the year.
One possible explanation for the data is that investors are accumulating the digital asset at the current price ahead of a potential Bull Run.
To back the accumulation narrative, Glassnode pointed out that there has been an increase in the number of Ethereum wallets holding at least 0.1 ETH over the past few months. Nearly 5 million addresses now hold at least 0.1 ETH, a figure that the crypto analytics platform claims to be the highest level on record.
On June 5, Whale Alert revealed that 40,000 ETH coins worth over $104 million were transferred from Binance to a digital wallet.