Over the past two months, the amount of ETH on popular cryptocurrency exchanges has fallen by 20.5%. Santiment analysts note the active transfer of coins to wallets of the top 10 market players.
\n
\n
🐳 $ETH‘s top 10 whale exchange addresses have continued swapping their funds to non-exchange wallets, & moving holdings at an impressive rate. The 20.5% decrease in tokens on exchanges the past 2 months indicates price confidence by top #Ethereum holders. https://t.co/zC5GvgoUN7 pic.twitter.com/xG3HJcz9sY
\n
— Santiment (@santimentfeed) October 19, 2020
\n
\n
The drop in Ethereum on exchanges signals confidence among the largest holders of the second-largest cryptocurrency, according to experts.
\n
Analysts at Glassnode corroborate such observations. In their assessment, the Ethereum balance on exchanges fell to a ten-month low of 16.32 million ETH.
\n
\n
📉 #Ethereum $ETH Balance on Exchanges (1d MA) just reached a 10-month low of 16,324,040.688 ETH
\n
Previous 10-month low of 16,325,236.173 ETH was observed earlier today
\n
View metric:https://t.co/1dCpD2ey8E pic.twitter.com/y5JsvzCZQQ
\n
— glassnode alerts (@glassnodealerts) October 19, 2020
\n
\n
For comparison, the metric stood at 18.93 million coins on August 7. The last time values this low were observed was in August 2016.
\n
Glassnode Alerts reported a record number of wallets holding at least 32 ETH.
\n
\n
📈 #Ethereum $ETH Number of Addresses Holding 32+ coins just reached an ATH of 124,599
\n
Previous ATH of 124,569 was observed earlier today
\n
View metric:https://t.co/rkRWanL3OS pic.twitter.com/4g2EzIBMgm
\n
— glassnode alerts (@glassnodealerts) October 20, 2020
\n
\n
Such a number of coins is required to become a validator in the Ethereum 2.0 ecosystem.
\n
What is Ethereum 2.0?
\n
\n
Earlier, Barry Silbert, founder and chief executive of the Digital Currency Group, noted that his company Grayscale Investment continues to build Ethereum reserves.
\n
\”While everyone has been focused on our bitcoin accumulation, the Grayscale Ethereum Trust now holds over 2% of all ETH in circulation\”
\n
\n
While everybody has been focused on our bitcoin accumulation, the @Grayscale Ethereum Trust now holds over 2% of all ETH in circulation
\n
— Barry Silbert (@BarrySilbert) October 15, 2020
\n
\n
In August, Spencer Noon, head of DTC Capital, said that the decentralised finance space is attracting more and more institutional investors.
\n
\”The herd is coming. They’re excited about DeFi, but new to it. Initially they’re buying ETH,\” he noted.
\n
\n
My read on #DeFi after speaking with instl investors, fund mgrs, OTC desks, and FOs over the last few wks:
\n
The herd is coming. They’re excited about DeFi but new to it, so they’re buying $ETH first. Once positions are set, I expect them to move up the risk spectrum to protocols.
\n
— Spencer Noon (@spencernoon) August 3, 2020
\n
\n
Earlier, Glassnode estimated a 60% share of Ethereum that had not moved for more than a year.
\n
On 12 October, developers launched the final testnet Zinken ahead of the ETH2 Phase Zero transition. It served as the \”dress rehearsal\” for the creation of the Ethereum 2.0 genesis block. The network will run in parallel with the current Medalla testnet.
\n
Earlier, developer Ben Edington announced the launch of the ETH2 deposit contract \”in the coming days\”.
\n
Subscribe to ForkLog news on Twitter!
\n