The amount of Ether held on exchanges has declined in the past two days with CryptoQuant data indicating that only 8.1 million ETH is currently in the reserves of centralized exchanges.
The acceleration of ETH exchanges was highlighted by Alex Saunders of Nuggets News, who said noted a 10% drop in Ether reserves on centralized platforms on January 14 – from 11 million to 10 million over 24 hours. “Stock markets will run out of ETH within 10 days at the current rate,” he predicted.
Earlier today, Saunders noted that the decline in Ether reserves had escalated an additional 20%, leading him to suggest that centralized platforms will run out of ETH within 48 hours.
There can be no more exchanges $ ETH within 48 hours. Demand has skyrocketed. Foreign exchange reserves have fallen by 20% from 10 million to 8 million in recent hours. With long term goals of $ 5k, $ 10k & $ 20k, I doubt many HODLers will sell their ETH in the $ 1-2k range. ️ # ETH2 #DeFi #NFTs #Gaming #DAO pic.twitter.com/rYPOch2u7p
– Alex Saunders (@AlexSaundersAU) January 14, 2021
Other data providers also show that balances are down 42.5% since a record high of 14.1 million was reached in mid-May 2020.
data from Glassnode indicates that Ether reserves on centralized exchanges have not been this low since July 2018. At the time of writing, only 7% of the circulating supply of Ether is held on exchanges.
Saunders interprets the data as an explosive bull run New all-time highs are imminent for Ether, stating:
“We all know what happened when the demand exceeded the supply of $ BTC. It quadrupled in 90 days. “
CryptoQuant data shows that exchanges’ BTC reserves have fallen by 21% since its record close to three million in March 2020. However, the recent acceleration of Ether being pulled off the exchanges far exceeds that of BTC. The exchanges’ BTC reserves are only down 4.5% since October 21, while Bitcoin’s price is up 230% from about $ 12,000 to $ 40,000.
According to crypto market data aggregator Into The Block, Ether is currently showing plenty of bullish signals, including a bid-to-ask volume imbalance of almost 9%.