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Ethereum

Ethereum Exchange Reserves Decline By More Than 30% In 2022

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows investors withdrew a large amount of Ethereum during 2022 as the ETH reserves have fallen by more than 30%.

Ethereum Exchange Reserves Sharply Down This Year

As pointed out by an analyst in a CryptoQuant post, these investors may have been withdrawing with the aim of holding in the long term. The “exchange reserve” is an indicator that measures the total amount of Ethereum currently being stored in the wallets of all centralized exchanges.

When the value of this metric goes up, it means holders are depositing their coins to exchanges right now. One of the main reasons investors use exchanges is for swapping their ETH to another crypto or for cashing out in fiat. Thus, the exchange reserve can act as the selling supply of the asset, and so any increases in it can have bearish effects on the price.

On the other hand, a decrease in the indicator’s value implies investors are transferring out their coins at the moment, which suggests the selling supply is going down. Prolonged exchange withdrawals can be a sign that holders are accumulating currently, meaning that they are bullish on the crypto.

Related Reading: Terra Founder Do Kwon Cashes Out Some Of His Stolen Bitcoin In Serbia: Report

Now, here is a chart that shows the trend in the Ethereum exchange reserve over the last few years:

Ethereum Exchange Reserve

Looks like the value of the metric has been going down in recent months | Source: CryptoQuant

As the above graph displays, the Ethereum exchange reserve already saw some decline during 2021, but the downtrend has been even sharper in 2022. The indicator used here is the “all exchanges” version, meaning that it covers data related to both spot and derivative exchanges.

An interesting trend to notice is that the decrease in the metric’s value has been especially rapid since the collapse of FTX. This is because a well-known exchange like FTX going down made investors more vary of centralized platforms than ever, leading to them withdrawing their cryptocurrencies in mass from exchanges so that they can hold onto them in personal wallets, the keys to which they own.

Related Reading: How Much Power Does Bitcoin Network Consume? Here’s What Glassnode Estimates

In total, the Ethereum exchange reserve has gone down by more than 30% over the course of 2022. “One of the best things in the year has been the possibility of having a deflationary ETH,” says the quant. “It seems that investors believe it too and have withdrawn large amounts of CEX with the most likely purpose of holding them for the long term.”

ETH Price

At the time of writing, Ethereum’s price floats around $1,200, up 1% in the last week.

Ethereum Price Chart

ETH has been moving sideways in the last few days | Source: ETHUSD on TradingView
Featured image from DrawKit Illustrations on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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