The long-awaited Ethereum futures ETFs were launched at the beginning of the week. However, it did not receive the expected attention and demand for ETFs has remained weak since then.
However, on-chain data shows that investors' interest in ETH continues.
At this point, Santiment said that the number of Ethereum on cryptocurrency exchanges is currently in the lowest range in five years.
Stating that investors do not keep ETHs in exchanges, Santiment stated that ETHs are kept in off-exchange wallets.
Accordingly, approximately 110,000 ETH moved from exchanges on Wednesday, making Wednesday the largest outflow day since August 21.
Stating that the amount of ETH held in off-exchange wallets reached 115.88 million ETH, the highest level of all time, Santiment pointed out that the ETH supply on the exchanges is at the lowest level in 5.5 years.
“Ethereum saw movement of approximately 110K ETH ($181 million) on exchanges on Wednesday, its biggest breakout day since August 21.
At this point, the amount of off-exchange Ethereum has now reached an all-time high of 115.88 million ETH, while the ETH supply on exchanges is at a 5.5-year low.”
Analysts commenting on this situation in ETH think that, historically speaking, any increase in token outflows from cryptocurrency exchanges is a bullish sign.
Ethereum, which rose to $1,750 with the rise at the beginning of the week, is traded at $1,634 at the time of writing.
😮 #Ethereum saw about ~110K $ETH ($181M) move off of exchanges Wednesday, the largest outflow day since August 21st. The amount of non-exchange Ethereum now sits at an #AllTimeHigh 115.88M $ETH, while its exchange supply is at its lowest in ~5.5 years. https://t.co/PUOWGt0KS0 pic.twitter.com/u54pp6LZij
— Santiment (@santimentfeed) October 5, 2023
*This is not investment advice.
