Glassnode asserts that Bitcoin investors have been converting BTC into Ether during May.
According to analysis from on-chain analytics provider Glassnode, the sum of Ethereum on exchanges has fallen to its lowest level for almost two years.Glassnode estimates that just 13.3 million Ether is currently held on centralized exchanges, the lowest it has been since June 2019. As such, centralized platforms hold roughly $52.4 billion worth of ETH or 11.5% of Ethereum’s entire supply. #Ethereum $ETH Balance on Exchanges just reached a 23-month low of 13,384,235.936 ETHView metric:https://t.co/1dCpD2ey8E pic.twitter.com/FGZHqXr3Pa— glassnode alerts (@glassnodealerts) May 10, 2021
The number of Ether on centralized exchanges has fallen 30% in 9 months since peaking at 19 million ETH during September 2020. A low balance of ETH on exchanges is typically understood to be bullish for the markets as it drives a reduction in supply re
