Ethereum‘s Supply Hits Rock Bottom: Is the Sky Falling or Just a Really Bad Hair Day?

In a twist that could only be described as cosmic irony, Ethereum’s on-chain data has revealed that the ETH exchange supply has plummeted to its lowest point in the history of, well, everything. This remarkable feat highlights a delightful reduction in selling pressure and a surge in long-term holding positions. Who knew that holding onto your digital coins could be so fashionable? 💰

Ethereum Chart

As a result of this newfound enthusiasm for hoarding, the price of ETH has decided to throw a party, pumping a staggering 7% today and joyfully leaping past the $2,550 mark. It seems that the market cap has also joined the festivities, crossing the $300 billion threshold like it just won the lottery. 🎉

But wait, there’s more! The overall market sentiment for ETH has transformed into a veritable love fest, with a whopping 58% gains over the past month. It’s as if everyone suddenly decided that Ethereum is the new black. 🖤

Bullish Sentiment

According to the ever-reliable blockchain analytics firm Santiment, the Ethereum blockchain now boasts less than 4.9% of its total supply languishing on exchanges. This is the lowest percentage of ETH on exchanges since the dawn of time—or at least since the inception of Ethereum over a decade ago. Talk about a long-term commitment! 💍

Furthermore, Santiment has revealed that over the past decade, the ETH exchange-held supply has decreased by a jaw-dropping 15.3 million ETH. This staggering statistic highlights a growing preference among investors for long-term holding and decentralized storage options. Because who needs liquidity when you can have a digital treasure chest? 🏴‍☠️

So, amid all these 60% gains, one must wonder: is this the beginning of a glorious new era for Ethereum, or just another blip on the radar of the universe’s grand cosmic joke? Only time will tell, but for now, it seems like the ETH enthusiasts are in for a wild ride!

Ethereum Exchange Supply Hits Lowest In History, ETH Rally to Continue?

Ethereum‘s Supply Hits Rock Bottom: Is the Sky Falling or Just a Really Bad Hair Day?

Read More