Data shared by cryptocurrency analytics platform Santiment on October 30 highlighted the drop in supply of the largest altcoin, Ethereum (ETH), on crypto exchanges. As the platform noted, the drop is due to increased investor confidence in the rise of cryptocurrency.
“The decline in #Ethereum supply on exchanges reflects increased investor confidence, with the asset’s market value at approximately $1,800,” he wrote.
📊 Declining #Ethereum supply on exchanges reflects increased investor confidence with the asset’s market value sitting at ~$1,800. Our latest insight covers where prices could head next based on new $USDT money coming in, $ETH MVRV, and plenty more. 👇https://t.co/Z7l5zlgP5W pic.twitter.com/5bHPkGr4gB
— Santiment (@santimentfeed) October 30, 2023
At the time of publication, the price of Ethereum was listed at US$1,799.82, up 0.3% in the last 24 hours. The cryptocurrency recorded a trading volume of US$12,118,234,349 during this period. Ethereum has shown growth of 5.4% in the last seven days.
It is worth noting that investment products in digital assets recorded inflows of US$326 million last week, according to data released by Coinshares on October 30. The new inflows are equivalent to the highest weekly volume since July 2022. However, contrary to the inflows, Ethereum (ETH) saw new outflows totaling US$6 million.
Ethereum Bullish Soon?
Ethereum (ETH) has shown important increases in recent days. According to recent data from the cryptocurrency analysis platform, Santiment, ETH has performed well in the face of price increases in the market recently. Furthermore, Ethereum recorded a spike in its price, as well as exchange transactions were at their highest level in the last six months.
“Ethereum has performed well during this market-wide #crypto surge. Prices surpassed $1,850 for the first time since August 15th, and now the 8.41% supply of $ETH on exchanges is the lowest since Genesis in 2015. Whale transactions have also reached a 6-month high.” , he wrote.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.