Core view
According to data from the analysis platform ViewBase, nearly a quarter of the circulating supply of Ethereum (ETH) is held by cryptocurrency exchanges. The website shows that 26768260 ETH is held by the exchange, equivalent to 23.6% of the total supply, and valued at 10.3 billion US dollars. Among them, nearly 26 million tokens are held by 10 centralized exchanges. Coinbase alone accounts for 8,521,807 ETH, accounting for 7.5% of the total supply. About 8.1% of Bitcoin’s circulation is held on exchanges.
According to data from the analysis platform ViewBase, nearly a quarter of the circulating supply of Ethereum (ETH) is held through cryptocurrency exchanges.
The website shows that there are 26,768,260 Ethereum transactions in progress, equivalent to 23.6% and worth 10.3 billion USD. Nearly 26 million of these tokens are held by 10 centralized exchanges, and Coinbase alone sits on 8,521,807 ETH, accounting for 7.5% of the supply.
In terms of the percentage of tokens held on exchanges, Ether is far ahead of Bitcoin (BTC). Bitcoin’s circulation accounts for 8.1% of the exchange’s total circulation.
Earlier this month, cryptocurrency statistician Willy Woo stated that he believes that when the number of tokens held on exchanges declines, “this indicates an influx of new buyers, The market scrambles and transfers it to cold storage.” Therefore, according to Woo, the relatively low share of BTC held on exchanges is “macro bullish”.
According to data from the encrypted data aggregator Glassnode, the number of bitcoins held on exchanges has been greatly reduced almost throughout the year, from a historical high of 2.97 million BTC in February to below 2.6 million yesterday.
Glassnode also showed a bullish signal for Bitcoin. The number of new Bitcoin addresses per day is approximately 480,000, which is six times that of Ether (less than 80,000 new addresses created per day).
It is also worth noting that since the beginning of August, the moving average of the 7-day mobile transaction net flow of Bitcoin and Ether has been negative. Net flow is the number of coins sent to the exchange minus the number removed. This shows that compared with other tokens, the proportion of tokens held by Ether on exchanges is high, but in recent months, the overall popularity is developing towards a bullish trend.
Glassnode reflects that the percentage of coins held by the exchange is different from the percentage reflected by ViewBase. According to Glassnode data, the exchange’s trading volume is less than 16.6 million Ethereum (14.7%) and nearly 2.6 million Bitcoin (14%).
