Ethereum volume on crypto exchanges fell to a three-month low

by in Cryptocurrency News

Ethereum

The largest altcoin, Ether (ETH), has fallen over 12% in the last 24 hours. Cryptocurrency capitalization for the week decreased by almost 20% to $284.169 billion.

Amid a market crash triggered by tensions in Europe, exchanges liquidated more than $400 million worth of positions on February 24.

The rollback was preceded by the withdrawal of the ether to the trading floors.

According to Glassnode, today the ETH exchange balance has updated a three-month high. The volume of cryptocurrency on the trading floors exceeded 14.795 million coins.

Trending: El Salvador Bought the Dip Adding 500 Bitcoins

Typically, investors bring cryptocurrencies to crypto exchanges for its subsequent sale.

At the same time, data from the same Glassnode platform confirms that long-term investors or so-called hodlers, on the contrary, are aggressively buying coins that are dumped by speculators.

The number of Ethereum wallets with a non-zero balance (more than 75.704 million) has grown to a new record today.

Trending: Shanghai High Court Said Bitcoin Is an Asset Protected by Law

The activity of Ethereum miners is also weakening. According to BitinfoCharts, the network hash rate dropped to 996.069 terahash per second (Th/s) on February 23rd.

The average daily number of transactions on the blockchain has collapsed from 1.343 million in mid-February to 1.129 million.