Investors not wavering? Only 18% of Ether (ETH) supply is currently stored on exchange platforms, the lowest threshold reached since 2018. Meanwhile, the cryptocurrency’s price managed to surpass $3,000 again overnight.
Investors are storing their Ethers outside of exchange platforms
The information comes from the co-founder of analytics firm Glassnode, who shared the figure on Twitter. In total, 18.3% of Ether (ETH) supply is now stored on exchange platforms, and 27.6% is locked in smart contracts.
It is recalled that when investors store their crypto-currencies outside of platforms where they would be exchangeable quickly, it is generally seen as a sign of confidence, and a willingness to position themselves for the long term.
The Glassnode analyst further notes that this threshold is higher at Bitcoin, where 27.3% of BTC is stored on exchange platforms. He concludes that this could narrow the gap between the two largest cryptocurrencies:
“ETH and BTC show potential capital turnover as more ETH is stored in private wallets. “
It is also noted that Bitcoin’s dominance has remained relatively stable over the past year. Currently, BTC accounts for 40% of the total cryptocurrency capitalization, compared to 17.9% for ETH.
ETH price tops $3,000 again
Still the ETH has given itself another breakthrough, breaking through the $3,000 mark again overnight. It is currently still trading around that level:
ETH price rise since yesterday
ETH had already had a (brief) breakthrough above this price in early March. But we have to go back to last February to see a sustained breakout above the $3,000 mark. It remains to be seen whether this new rise will be sustainable.
