According to analytical platform ViewBase, nearly a quarter of the ETH trading volume is in cryptocurrency exchanges.
The site shows that there are 26,768,260 ETH on the exchanges, which is equivalent to 23.6% of the $ 10.3 billion. Nearly 26 million of these tokens are held by 10 central exchanges, with Coinbase alone having 8,521,807 ETH – 7.5% of the supply.
Ether is much better than Bitcoin (BTC) in terms of percentage of tokens topping on exchanges. Bitcoin accounts for 8.1% of the supply traded on exchanges.
Earlier this month, cryptocurrency statistician Willie Wu said he believed the decrease in the number of coins on the exchanges “is a sign that new buyers are coming to take coins from the markets and take them to cold storage.” Consequently, the relatively low share of BTC in exchanges is “significantly bullish,” according to Wu.
According to encrypted data aggregator Glassnode, the number of bitcoins on exchanges has decreased dramatically over the course of almost the year, dropping from an all-time high of 2.97 million BTC in February to less than 2.6 million yesterday.
Glassnode is also showing bullish signals for Bitcoin: The daily number of new addresses for Bitcoin is around 480,000 – six times that for Ether, which has fewer than 80,000 new addresses each day.
It’s also worth noting that the 7-day moving average of the stock market strength of Bitcoin and Ether has been negative since early August. Net Flow Volume is the number of coins sent to exchanges minus the amount removed. This indicates that while Ether has a significant share of currencies on the exchanges compared to other coins, overall sentiment has been moving towards an uptrend in recent months.
Glassnode does not reflect the same percentage of coins on exchanges as ViewBase. According to Glassnode, there are less than 16.6 million BTC (14.7%) and nearly 2.6 million BTC (14%) on the exchanges.