- Ethereum investors are increasingly choosing to hold their own on ETH.
- Exchange holdings of ETH have low numbers not seen since its inception.
- ETH is down 7.2% in the past week.
Centralized cryptocurrency exchanges are one of the most popular places to trade and hold digital assets. However, last year’s FTX explosion led to an exodus from centralized exchanges to self-booking.
The migration to self-custodial has been so strong that ETH held on exchanges has reached low levels that it hasn’t been in since its inception.
ETH holdings on exchanges are at an all-time low
ETH is one of the most popular crypto assets in the industry. The second largest cryptocurrency $ 214 billion market cap It recently entered a deflationary period.
ETH is also an asset that investors value and choose for self-custodianship rather than being held on centralized exchanges. Indeed, according to data From Santiment, ETH held on centralized exchanges has reached an all-time low.
Currently, only 10.1% of all ETH traded is held on centralized exchanges. This means that the remaining 89.9% of ETH is owned by investors in Ethereum Self-custodial portfolios.
What is even more interesting is that the 10.1% of ETH held on exchanges is the lowest since public trading of ETH began in 2015. This is despite the fact that ETH has been stagnating in the past week.
ETH is going down
ETH has been one of the best performing assets since the beginning of the year. However, in the past week or so, the local currency of Ethereum The blockchain has fallen dramatically.
according to data From CoinGecko, ETH is down 3.1% on the day and 7.2% in the past week. ETH is currently trading at $1,766.
ETH is trading below the previous levels of Shabella upgrade It was activated on mainnet on April 12th. Shapella is the upgrade that enabled stacked ETH withdrawals for the first time since 2020.
Many saw Shappela as bearish for the price of ETH. However, ETH price rose by more than $200 upon the successful upgrade and even broke the $2,100 mark.
Since then, ETH has been trading sideways until the past few days. ETH, along with the entire crypto market, has fallen significantly. The total market cap of all cryptocurrencies is now $1.15 trillion, according to CoinGecko.
on the flip side
- ETH has been deflationary since the merger last August. However, in the past week or so, amid the memecoin mania, ETH has been severely deflationary. For example, in the past seven days, more than 66,000 ETH has been burned.
Why should you bother
ETH is one of the most used cryptocurrency assets. The drama surrounding centralized exchanges has demonstrated the importance of self-incubation at all times.
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