- Ethereum exchange holdings have reached a 9-year low.
- A potential price increase due to supply shock has been suggested.
- Selling pressure may decrease due to movement to cold wallets for long-term holding.
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Ethereum (ETH) exchange holdings have reached their lowest level in 9 years.
On the 18th (local time), CoinTelegraph reported that "Ethereum's exchange holdings have hit a 9-year low" and stated that "a price increase due to supply shock might occur." They added that "investors are moving their Ethereum to cold wallets for long-term holding," suggesting that selling pressure on Ethereum could decrease.
Meanwhile, according to CryptoQuant data, exchanges' Ethereum holdings as of the 18th stand at 18.95 million ETH. This is the lowest level since July 2016. Generally, a decrease in exchange holdings is interpreted as a positive signal for price increases as it can lead to supply shortages.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBitPiCK News
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