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The amount of ether on crypto exchanges has fallen over three years from 12 million to 8 million ETH. The reason is the high interest in staking the second largest cryptocurrency by capitalization, said analysts of the Santiment platform.
Almost 36.5 million ether are staked, almost 30% of the total supply. According to experts, at the same time the volume of coins withdrawn from circulation is growing.
The queue for activation of new validators reached a record 3.7 million coins, and the average connection wait time increased to 64 days, which experts explain by the continued interest in long-term storage of the second largest cryptocurrency by capitalization.
Over the past month, ether has been trading in a narrow range of $2900–$3300, and against this background, there is a high probability of continued outflow of the asset from crypto exchanges. The reduction in the available volume of ether on trading platforms reduces selling pressure, which in the future could strengthen the future upward movement of ETH, according to Santiment representatives.
Earlier, Bloomberg Intelligence senior strategist Mike McGlone said that the likelihood of Ether falling to $2,000 is much higher than breaking through $4,000.
