Ethereum Circulating Supply Held On Exchanges Far Greater Than Bitcoin.

Ethereum Circulating Supply Held On Exchanges Far Greater Than Bitcoin.

2020-10-30 | Mike Hallen

Ethereum Circulating Supply Held On Exchanges Far Greater Than Bitcoin.

Almost a quarter of Ethereum [ETH] circulating supply is held cryptocurrency exchanges, consistent with analytics platform ViewBase.

The website reveals that 26,768,260 Ethereum [ETH] is on exchanges, equating to 23.6% with a worth of $10.3 Bln. Almost 26 Mln of these tokens are held by 10 centralized exchanges, with Coinbase alone sitting on 8,521,807 ETH - 7.5% of the total availability.

Ethereum is miles ahead of Bitcoin [BTC] in terms of the share of tokens held on exchanges. Bitcoin [BTC] has 8.1% of its circulating supply held on exchanges.

Earlier this month, cryptocurrency statistician Willy Woo added that he believes that when the number of coins persisted exchanges drop, “It’s a symbol that new buyers are coming in to scoop the coins of the markets and moving them into cold storage.” intrinsically, the relatively low share of Bitcoin [BTC] held on exchanges is “macro bullish” consistent with Woo.

In line with cryptocurrency data aggregator Glassnode, the amount of Bitcoin held onto the exchanges has been reducing significantly for nearly the whole year, falling from the all-time high of 2.97 Mln BTC earlier in February to below 2.6 Mln yesterday.

Glassnode also revealed bullish signals for Bitcoin with the daily number of latest addresses for Bitcoin approximately 480k - sixfold times that of Ethereum, which has fewer than 80k new addresses created every day.

Also worth noting is that the seven-day moving average of exchange net flow volume for both Bitcoin [BTC] and Ethereum [ETH] are negative since early August. Internet flow volume is the number of coins sent to exchanges minus the quantity removed. This means that Ethereum features a high percentage of coins held on the exchanges compared to other coins, the general sentiment is moving towards a bullish trend within a previous couple of months.

Glassnode doesn't reflect a similar percentage of coins held on the exchanges as ViewBase. Consistent with Glassnode, there are less than 16.6 Mln Ethreum [ETH] (14.7%) and almost 2.6 Mln Bitcoin [BTC] (14%) on exchanges.

Leave a comment

Your email address will not be published. Required fields are marked *

Top 7 cryptocurrency overview

Best trading tool for cryptocurrency

2022 Top cryptocurrency Price Prediction List