- The supply of Ethereum on exchanges has decreased further in the new year.
- The number of daily bets showed that once the asset was taken out of the exchanges, it did not flow back.
Ethereum in recent weeks [ETH] has witnessed a decline in supply on the stock exchanges. How has this affected the number of holders?
Exchanges are receiving less and less supply of Ethereum
AMBCrypto’s analysis of Ethereum supply on the exchanges shows a gradual decline from January 1, although it remained above 10 million at the time of writing. The exchange offer at the beginning of this year was approximately 10.52 million.
Yet at the time of writing this has fallen to around 10.45 million. This meant a drop from more than 8% to approximately 7.9%.
Source: Santiment
The declining supply on exchanges indicated that holders were withdrawing their assets from these platforms at the time of the report. This could lead to greater scarcity, depending on the destination of these assets.
Is there more Ethereum flowing into the stakes?
AMBCrypto discovered that Ethereum’s betting chart was on Glass junction showed a consistent increase in stakes, with over 35.7 million at the time of writing.
While the overall growth could indicate that ETH being withdrawn from exchanges was being staked, a closer look at the daily new stake numbers questioned this assumption.
After December 30, 2022, the graph showed a decline in the number of new deposits, falling below 2,000. At the time of writing, the number had fallen below 1,000.
This trend suggested that not all of the ETH withdrawn from the exchanges had been staked, at least not in its entirety and for the current period.
Source: Glassnode
The number of Ethereum holders continues to increase
AMBCrypto also found that Ethereum holders showed continued growth in recent months, with the press time count approaching 112 million. The chart showed an upward trend, confirming continued expansion.
How much is 1,10,100 ETHs worth today?
This suggested a continued increase in the number of wallets acquiring and holding ETH, even amid reduced supply on exchanges. Moreover, the off-exchange supply implied that the declining supply could be attributed to accumulation.
At the time of writing, the supply outside Exchanges amounted to more than 120 million.
Source: Santiment