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Ethereum balance on crypto exchanges hits new lows as ETH price retakes $3K

Published 09/23/2021, 11:39 AM
Updated 09/23/2021, 03:00 PM
Ethereum balance on crypto exchanges hits new lows as ETH price retakes $3K

The total amount of Ether (ETH) held by all the crypto exchanges fell to its lowest levels, just as its price rose back above $3,000 per token on Sept. 23.

Data collected by CryptoQuant, a blockchain analytics platform, showed that exchanges' net Ethereum token reserves dropped to 18.533 million ETH, compared to 23.92 million ETH a year ago. Meanwhile, the cost to purchase one Ether rose from almost $349 to as high as $3,078, showcasing an inverse correlation between ETH reserves on exchanges and prices.

Ethereum all exchange reserves versus ETH/USD price performance. Source: CryptoQuant
Total value staked in Ethereum 2.0 smart contracts. Source: TradingView.com
ETH/USD daily price chart featuring correlation with BTC/USD and S&P 500. Source: TradingView.com
ETH/USD MVRV 7D. Source: Sanbase

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