Ethereum is losing its value as the world’s second-largest cryptocurrency is going through a dramatic reduction amidst its volatility in prices.
Ethereum whales have been transferring their ETH assets from exchanges to digital wallets. Glassdoor, a crypto analytics platform, published that at the moment, crypto exchanges hold the lowest amount of Ethereum since 2019.
Digital currency trading platforms held around 19 million ETH in the last year (July 2020). Today, this amount has drastically decreased to 13 million. On the other hand, ETH supply has been downsizing since the early days of 2021.
As Glassnode mentioned, ETH on CEX exchanges are, in fact, the lowest for two years. 2-year data was collected on 19 May 2021 through the blockchain research platform, Bloqport.
Glassnode’s another note directed towards the increasing address number of ETH in the past months. The number of addresses with a minimum of 0.1 ETH reached approximately 5 million, which is the highest level of ETH history. Meanwhile, the addresses with 1,000 ETH saw the bottom level over four years.
Network Activity of Ethereum
ETH, the world’s second-largest cryptocurrency, has experienced a significant rise regarding on-chain activity despite the volatility in the price. Starting from 2021 January, large accounts of ETH incrementally accumulated Ethereum.
As a matter of fact, the top 10 ETH accounts appear as the holders of 19 million coins in Santiment crypto analytics firm data. In the same line, ETH whales are responsible for the latest plunge concerning the supply of ETH on digital exchanges.
Whale Alert stressed that 40,000 ETH coins with a value of $104 million had been moved into a digital wallet from Binance on 5 June 2021.
ETH, the second most valuable digital currency globally, continues to be highly volatile since the beginning of May 2021. On 12 May, ETH reached nearly $4,330, the highest of record. However, on 24 May, it crashed to $1,900. Recently, ETH can trade above $2,750 while the market cap remains around $322 billion.
SEE ALSO: Real-Time Cryptocurrency Prices
