Ethereum reserves on exchanges have fallen to a minimum
According to Santiment, on May 19, the volume of ETH on cryptocurrency exchanges dropped to an all-time low — less than 4.9% of the total supply. Over the last five years, 15.3 million ETH worth $39.2 billion has been withdrawn from exchanges. This is the lowest level since 2015.
A similar trend is observed with Bitcoin — only 7.1% of issued BTC is stored on exchanges, the lowest since November 2018.
Analyst Ali Martinez believes that the reduction in ETH reserves on exchanges is a bullish signal. In his assessment, Ethereum could rise from the current $2563 to $3000, and then to $4000. The price is also supported by the activity of large investors: over the month, they purchased more than 450,000 ETH worth $1.2 billion.