crypto 353

07/22 07:17

The amount of ETH held on exchanges has declined

The amount of ETH held on exchanges has declined significantly. While exchange reserves had increased in previous weeks, they have now resumed a downward trend.

At the time of writing, ETH availability on exchanges sits at 19.7 million—suggesting that investors are pulling their assets off exchanges, reducing the likelihood of near-term sell-offs.

In fact, the number of depositing addresses has dropped sharply, reaching a low last seen on the 7th of July.

With only 16,000 addresses currently depositing ETH, the data points to decreased selling activity, especially after ETH’s 54% rally over the past four weeks.

If this trend continues, the reduction in available ETH could trigger a supply squeeze, a scenario where demand outpaces the limited available supply, potentially fueling further price increases

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