$ETH One interesting data point: CryptoQuant said that on November 2, Ethereum exchange reserves fell to around 14.5 million ETH, their lowest level since 2016—about 58.6% below the 2020 peak of 35 million ETH.
But what about the price? ETH is currently trading around $2,290, while ETFs continue to see outflows. In other words, on-chain “accumulation” and market “withdrawals” are pulling in opposite directions.
My take: Lower exchange balances mean fewer coins readily available for sale, but that doesn’t mean the price will rise immediately. It depends on when buyers return. For now, watch to see whether ETF flows turn positive.
For informational purposes only; this is not investment advice. #ETH #On-chain data
But what about the price? ETH is currently trading around $2,290, while ETFs continue to see outflows. In other words, on-chain “accumulation” and market “withdrawals” are pulling in opposite directions.
My take: Lower exchange balances mean fewer coins readily available for sale, but that doesn’t mean the price will rise immediately. It depends on when buyers return. For now, watch to see whether ETF flows turn positive.
For informational purposes only; this is not investment advice. #ETH #On-chain data