On-chain data shows that the percentage of Ethereum supply present on exchanges has set new lows of around 14%. Ethereum Supply On Exchanges Continues To Go Down As pointed out by an analyst in a CryptoQuant post, the ETH supply present on exchanges has been going down since a while now. It has now hit new lows of about 14%. The “percentage supply on exchanges” is an indicator that shows the share of the total Ethereum supply stored in wallets of all exchanges. Usually, this supply present on exchanges is said to be the selling supply of ETH, and so if the indicator’s value goes up, it means there is a higher number of coins in the available sell supply. Due to supply-demand dynamics of the market, this kind of trend can prove to be bearish for the cryptocurrency’s price. On the other hand, if the metric’s value moves down, it implies the available supply of Ethereum has reduced. Prolonged such trend can create a supply shock in the market, which can turn out to be bullish for the coin’s price. Related Reading | Exchanges See Bitcoin Outflows For 7th Straight Day As BTC Price Begins Recovery Now, here is a chart that shows the trend in the percentage of total ETH supply on exchanges in the past year: Looks like the indicator's value has been gradually going down | Source: CryptoQuant As you can see in the above graph, the percent ETH supply on exchanges has shown a steady downtrend...
Ethereum Price Approaches $3,200
