"Hmm do you think the price of ETH will be affected if this happens?"
The amount of Ethereum (ETH) that is currently on the cryptocurrency exchange has seen a decrease to 10.66 million coins which is the lowest figure ever seen in May 2018, but it should be noted that 115.88 million ETH is located outside the centralized platform.
It was also reported that around 110,000 ETH worth over $180 million moved from crypto exchanges on October 4, 2023, where it marked the largest daily outflow since August 21, 2023.
It is well known that the situation of Bitcoin (BTC) is quite similar to that of ETH as its supply on the crypto exchange has declined by 5.73% which is a five-year low.
Even so, such moves are generally seen as bullish for digital asset valuations as they ease selling pressure and show investors' long-term confidence.
Not only that, open interest and ETH volume has decreased from 6.07 billion to $5.28 billion which represents a 15% drop in the total number of long and short positions in two months.
Over the past few months, sharks and whales have been actively collecting large amounts of digital assets, so here it can be seen that the latest data shows that investors have controlled more than 66% of the circulating supply of BTC.
As of this writing, ETH price has fallen by 0.27% to $1,631 in the last 24 hours with a market cap of $539 billion further recording a 2.97% decline over the last week.
