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ETH Percent Balance on Exchanges Dips Below 18%, Lowest Since Nov 2018

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  • Ethereum investors have resumed their pattern of moving ETH out of crypto exchanges
  • The percent of Ethereum held on exchanges has dropped below 18%, its lowest since November 2018 and a 31 month low
  • Roughly 971,616 Ethereum has left crypto exchanges in the last 30 days
  • Over 6 million Ethereum worth $13 Billion is now locked on the ETH2.0 deposit contract
  • Ethereum’s London Upgrade could sustain ETH’s value above $2k in the short term

The month of July has kicked off on a high note for Ethereum as investors and holders have resumed their pattern of moving ETH out of crypto exchanges. This is according to an analysis shared by the team at Santiment that also pointed out that the percent of Ethereum held on crypto exchanges, had dropped below 18% and was at its lowest since November 2018.

The team at Santiment shared their observation through the following statement and accompanying chart.

To kick off July, #Ethereum holders continued to make history by lowering the percent of $ETH held on exchanges to its lowest ratio since November, 2018. Dropping below 18% for the first time in 31 months lowers the risk of a future major selloff.

ETH Percent Balance on Exchanges Dips Below 18%, Lowest Since Nov 2018 17

971,616 ETH Worth $2 Billion has Left Exchanges in the Last 30 Days

The flow of Ethereum out of crypto exchanges and into personal wallets and/or DeFi platforms has also been captured by data from the team at Viewbase.com. According to their analysis, 971,616 Ethereum worth over $2 Billion has left crypto exchanges in the last 30 days as highlighted in the following screenshot.

ETH Percent Balance on Exchanges Dips Below 18%, Lowest Since Nov 2018 18

ETH2.0 Deposit Contract Now Holds Over 6 Million Ethereum

The Ethereum2.0 deposit contract has also been a destination of a good amount of ETH leaving crypto exchanges. At the time of writing, the ETH2.0 deposit contract now holds 6,077,66 Ethereum valued at approximately $13 Billion.

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The continual increment of deposits to the Ethereum 2.0 contract has been visualized in the following chart courtesy of the team at CryptoQuant.com.

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Ethereum Remains Bullish Ahead of the London Upgrade

To note is that Ethereum has strong fundamentals in the form of the London Upgrade later this month. This upgrade is meant to introduce the highly anticipated EIP-1559 aimed at reducing gas costs on the Ethereum network. Therefore, chances are that Ethereum continues to maintain a value above $2k at least till the upgrade is complete.

As with all altcoins, Ethereum’s fate in the crypto markets is tied to that of Bitcoin. As a result, ETH continuing to prosper in the crypto markets is hinged on Bitcoin at least recapturing the $38k resistance level or the 50-day moving average as support.

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Ethereum

Here’s What Will Trigger the Next Big Ethereum Rally, According to Top Crypto Analyst

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A popular crypto trader is predicting what needs to happen for Ethereum’s (ETH) price to surge even further.

In the TechnicalRoundup newsletter, the pseudonymous analyst DonAlt says ETH is likely to underperform during a Bitcoin (BTC) breakout but will overperform later if the market rides “a multi-month uptrend.”

“As Bitcoin gets sufficiently pumped (very technical term) risk trickles down to lower market cap assets, including Ethereum.

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From a technical point of view, the market is in a range between support (low-mid $3000s) and resistance ($4000).

Given the relative strength of the market and the proximity to new all-time highs, a range breakout is more likely than a range breakdown.

Generally, triple tops aren’t compelling resistance structures, especially those that form at prior all-time highs.”

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Source: DonAlt/TechnicalRoundup

Ethereum is trading at $4,189 at time of writing, up more than 16% in the past week, according to CoinGecko. The second-biggest crypto asset by market cap hit its all-time high of $4,356 in mid-May.

DonAlt thinks Bitcoin currently offers traders more upside than downside.

“If you long Ethereum and you’re right, you’ll probably make less money than longing Bitcoin. If you long Ethereum and you’re wrong, you’ll probably lose more money than longing Bitcoin.

Our conviction on this isn’t incredibly high, but the likelihood of a Bitcoin-dominant breakout is one worth considering.

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In our view, the time to rotate into Ethereum will come once the breakout dust has settled. A large puke in Ethereum/Bitcoin would be a good time to start looking for punts.

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Mars Land NFTs Released on Ethereum, MARS4 Tokens Listed on Bittrex, Sushiswap

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Here’s how land plot on Mars can be obtained in a new-gen manner through NFT marketplace

Shortly after the release of an eccentric NFT-focused metaverse, the Mars Land project sees its core native utility asset, MARS4, listed by Tier 1 centralized exchange Bittrex and leading DEX SushiSwap (SUSHI).

Here’s how NFT instruments allow crypto enthusiasts to purchase land on Mars

The Mars4 team behind Mars Land, a novel digital collectibles project, has modeled a 3D map of Mars’ terrain based on the latest NASA data. The total area of Mars’ terrain is divided into 99,888 tokenized plots.

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Then, the NFTs associated with segments of Mars Land are available for sale as non-fungible tokens. Mars Land NFTs are minted on Ethereum (ETH) blockchain and can be utilized in various digital economic initiatives.

Namely, Mars NFTs can be locked for staking and utilized for liquidity mining; therefore, Mars Land NFTs evolved into a full-stack instrument of passive income for cryptocurrency enthusiasts with various levels of expertise.

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Mars Land NFTs are released in batches; 10,000 tokens are listed per epoch. Starting from Epoch 1, 51% of the income generated is redistributed among current NFT holders. By mid-October, there are more than 50,000 NFTs in circulation.

MARS4 listed on CEXes and DEXes: Why is this crucial?

Mars Land adheres to a dual tokenomic design: its architecture includes NFTs and MARS4 dollars. In total, there are four billion MARS4 tokens in circulation.

MARS4 tokens are now available on Bittrex, a veteran centralized cryptocurrency trading ecosystem. Bittrex offers the widest range of assets amidst all CEXes working in the United States.

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Also, MARS4 tokens can be purchased on leading Ethereum-based decentralized exchange, SushiSwap (SUSHI). On SushiSwap (SUSHI), MARS4 tokens can be staked as well.

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Ethereum Whales with 1 to 10 Million ETH Add 13.9% Coins As Ether Approaches ATH

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Large holders of Ethereum have been buying large amounts of Ether on a steady basis since August, an analytics report says

Top Ethereum wallets have been adding Ethereum steadily since August and keep doing so even as the price is approaching the all-time high reached in May.

Top ETH whales buy another 13.9% of Ether

Santiment on-chain data provider has tweeted that Ethereum wallets holding from 1 to 10 million Ethereum have been purchasing massive lumps of Ether in the past three months.

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Over this period, they have acquired 13.9% of the Ethereum supply and keep adding more, even though the Ether price has soared to the $4,200 zone, inching closer to surpassing the May all-time high of Ethereum.

Non-exchange ETH whales hold 5x more ETH than whales on exchanges

According to a Santiment tweet published earlier in October, the ratio of non-exchange and exchange crypto whales and their ETH holdings now constitutes 5:1.

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Crypto whales now hold five times more Ethereum on non-exchange wallets than other whales hold on exchange addresses.

The ETH holdings of the former now total 22.91 million Ethereum compared to only 4.6 million ETH stored on addresses based on crypto exchanges.

Besides, in July, the top 10 Ethereum addresses acquired big amounts of ETH and, back then, they held 20.58% of the second-largest cryptocurrency.

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In the meantime, as reported by U.Today earlier, ETH exchange supply has been declining substantially as investors have been withdrawing Ether to cold wallets for long-term storage. This may be one of the main reasons for the growth of the Ethereum price.

Ethereum inches closer to its May peak

On May 12, Ether managed to reach a historic rise, soaring to a $4,362 all-time high. Since then, ETH has dropped twice to the $1,780 low (in June and July). In early August, it surpassed the $3,000 level after the implementation of EIP-1559 (also known as the London hardfork) on Aug. 5.

At the end of last week, Ethereum recovered the $4,000 line and, on Wednesday, it surged to the $4,239 price mark, following Bitcoin hitting an all-time high of $66,930.

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Along with the EIP-1559 upgrade, a burning mechanism for Ethereum was rolled out for ETH fees. Since then, large amounts of Ether have been destroyed, which makes the ETH supply smaller and more deflationary, helping its price to rise.

As of Oct. 11, more than 500,000 ETH have been destroyed. Over the past 30 days, around $824 million worth of Ethereum fees have been burned.

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