The supply of Ethereum on exchanges has continued to decrease in the new year. A recent analysis shows that Ethereum holders are increasingly confident in keeping their holdings away from exchanges.
Ethereum Supply on Exchanges Decreases
The analysis by AMBCrypto shows a gradual reduction in Ethereum supply on exchanges since January 1, although it was still above 10 million at the time of publication. The supply on exchanges was around 10.52 million at the beginning of the year, but has fallen to about 10.45 million at the time of publication. This corresponds to a decrease of over 8% to about 7.9%.
The decreasing supply on exchanges suggests that holders are withdrawing their holdings from these platforms. This could lead to increased scarcity, depending on the destination of these assets.
The Ethereum staking chart on Glassnode shows a steady increase in stakes, with over 35.7 million at the time of publication. While the overall growth might suggest that the ETH withdrawn from exchanges is being staked, a closer look at the daily new stake numbers questions this assumption. Since December 30, 2022, the chart shows a decrease in new deposits, which has fallen below 2,000. At the time of publication, the number had even fallen below 1,000. This suggests that not all of the ETH withdrawn from exchanges was staked, at least not fully and for the current period.
Increase in Ethereum Holders
It was also found that the number of Ethereum holders has been steadily growing in recent months, with a current count of nearly 112 million. The chart shows an upward trend, confirming the ongoing expansion. This indicates a continuous increase in wallets acquiring and holding ETH, despite the reduced supply on exchanges. In addition, the supply outside of exchanges suggests that the decreasing supply could be due to accumulation. At the time of publication, the supply outside of exchanges was over 120 million.
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