Santiment Intelligence said exchange balances for Ether have kept falling since early June, even as ETH prices moved higher in the second half of August. According to the data cited by BlockBeats, ETH held on trading platforms dropped from about 7.69 million on June 3 to roughly 6.28 million as of Aug. 27, a decline of about 1.4 million ETH, or around 18%.
The pullback continued in the most recent stretch of the period. Since Aug. 19, another 275,000 ETH has left exchanges, pushing the balance to the lowest level seen in the tracked period. Over the same timeframe, Bitcoin moved the other way. Santiment said BTC balances on exchanges rose by about 0.25% and are now close to the upper end of their recent range.
Santiment also pointed to the divergence between ETH price action and exchange flows. Since Aug. 16, ETH has risen by about 27%, but large amounts of ETH have still continued to leave trading platforms rather than reversing course.
BlockBeats reported on Aug. 27, citing Santiment Intelligence, that Ether balances on trading platforms have fallen steadily since June 3.
According to Santiment’s data, exchange ETH balances dropped from about 7.69 million to around 6.28 million over that period, a reduction of roughly 1.4 million ETH, or about 18%.
Another 275,000 ETH left exchanges after Aug. 19
Santiment said about 275,000 ETH has moved off exchanges since Aug. 19 alone, bringing the current balance to the lowest point in the measured period.
BTC exchange balances moved in the opposite direction
Over the same period, BTC balances on exchanges increased by about 0.25% and now sit close to the high end of their recent range.
Santiment says outflows continued even as ETH rose
Santiment added that the decline in ETH exchange balances did not stop as prices climbed. Since Aug. 16, ETH has gained about 27%, while large amounts of ETH have continued to leave trading platforms.
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