Ethereum Whales Reduce As $560 million ETH Leaves Exchanges.

About $560 million ETH left crypto exchanges on the 4th of March, even though the digital asset is approaching a new high. The departure currently represents a 19-month low of the amount of Ether held on exchanges. Before now, Ethereum recorded its worst low in August 2019. At the time, ETH was about $220. At press time, ETH is up 0.58% to $2,105.16.

Currently, the amount of ETH left on crypto exchanges is 14.7 million. This equals about $30 billion or 12.8% of ETH’s total supply.

Additionally, Ethereum whales are on the decline. According to Glassnode data, the number of wallets with over 1,000 ETH ($2,057,784) reached a three-year-low over the weekend, to 6,523.

Also, wallets controlling over 100 coins ($205,784) reduced to a 20-month low. Similarly, the number of wallets with over 10 ($20,587) coins or 32 coins ($65,851) also declined.

The decline in the number of Ether held on exchanges may be because whales are selling off their ETH holdings. Also, investors may be moving their Ether to cold storages or staking the asset on DeFi platforms.

The movement of funds may not have a negative impact on the asset as a whole. Regardless, not much is known as to why such a move happened.

Image Credits: Pixabay

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