The balance of available Ether (ETH) across crypto exchanges dropped to a five-year low on May 26, bringing the total amount of Ether held on exchanges to 17.86 million.
A drastic decline in the exchange supply of ETH like this has not been seen since April 2018.According to Glassnode data, only 14.85% of the total Ether supply is currently held on centralized exchanges, compared with the 25–26% of supply held during the 2021 bull run.The drop in ETH supply began in September 2022, dropping significantly after the FTX crisis in November.
Apart from a decline in the exchange balance, Ethereum wallet addresses holding more than 100 ETH have also declined to a six-month low. #Ethereum $ETH Number of Addresses Holding 100+ Coins just reached a 6-month low of 46,858View metric:https://t.co/FbjiMG3uFX pic.twitter.com/uzHN7H2qRyTwo significant events could have influenced the decline in ETH balances on centralized exchanges in the recent past.
The first is the collapse of the FTX crypto exchange, prompting many to move their crypto assets from exchange wallets to self-custody wallets; the second, and most important, is the Shapella upgrade.Shapella made way for thousands of validators to withdraw their staked ETH.Read more on cointelegraph.com