Ether exchange balance fell to a seven-month low

by in Cryptocurrency News

Ethereum

The price of Ether (ETH) on Wednesday, August 18, fell to $ 3064. The capitalization of the largest altcoin in 24 hours decreased by 3.66% to $ 359.427 billion.

A report from the Glassnode team talks about the ongoing outflow of ether from cryptocurrency exchanges. Currently, the number of ETH deposits placed on trading floors is at its lowest level in the last seven months.

The outflow of ether increased in July this year. Over the past 47 days, the exchanges have left about 1.32 million ether. On average, since August 6, investors have been withdrawing approximately 35,200 coins from trading floors every day, according to IntoTheBlock analysts.

In parallel, the trend for long-term cryptocurrency storage continues to dominate. Moreover, ether is bought by both small and large traders.

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The number of addresses containing at least 1000 ETH has reached a three-month maximum (6422).

The last time a similar situation was observed was in mid-May 2021, before the famous historical altcoin race. Recall that on May 14, the ETH rate exceeded $ 4000, but then it began to weaken.

Analysts are also paying attention to the growth of transactional activity on Ethereum. According to EtherScan, the network has processed 1.252 million transactions in the last 24 hours.