Santiment Intelligence said ETH balances held on trading platforms have continued to shrink even as the asset’s price moved higher. According to the data cited by ChainCatcher, exchange-held ETH fell from about 7.69 million coins on June 3 to roughly 6.28 million, a drop of around 1.4 million ETH, or about 18%.
The decline also accelerated more recently. Since Aug. 19, another 275,000 ETH has left trading platforms, pushing the balance to the lowest level seen in this tracking period. Over the same stretch, BTC exchange balances moved in the opposite direction, rising about 0.25% and sitting near the upper end of their recent range.
Santiment added that the reduction in ETH exchange balances did not stop during the latest price rally. Since Aug. 16, ETH has gained about 27%, yet large amounts of the token have still continued to flow off trading platforms, according to the firm’s monitoring.
ETH balances on trading platforms have dropped from about 7.69 million to roughly 6.28 million since June 3, a decline of about 1.4 million ETH, or around 18%, according to Santiment Intelligence data cited by ChainCatcher.
Since Aug. 19 alone, about 275,000 more ETH has flowed off trading platforms, bringing the current balance to the lowest point in this tracking period.
Over the same period, BTC balances on trading platforms rose about 0.25% and are now close to the high end of their recent range.
Santiment said the drawdown in ETH exchange balances did not stop as prices climbed. Since Aug. 16, ETH has risen about 27%, while large amounts of ETH have continued to leave trading platforms.
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