Ethereum Exits Exchanges, Bitcoin Returns to Exchanges: A 15% Divergence

Santiment data revealed that Ethereum’s exchange supply decreased by approximately 15% over 11 weeks, while Bitcoin exchange balances increased by 1.8% over the last three weeks, creating a distinct divergence in the liquid supply of the two assets.

Crypto analytics platform Santiment announced that the amounts of Ethereum and Bitcoin held on exchanges have been moving in opposite directions recently. The data indicated that the supply investors keep ready for trading on exchanges has diverged between the two major cryptocurrencies.

Ethereum’s exchange supply stood at approximately 7.70 million ETH on June 2, falling to 6.54 million ETH by August 18. Thus, the amount of Ethereum on exchanges decreased by about 1.15 million ETH or 15% in 11 weeks. On the Bitcoin side, exchange balances increased by approximately 1.8% during the three-week period between July 28 and August 18, with about 23,000 BTC returning to exchanges. During the same period, Ethereum’s exchange supply decreased by 2.2%, or approximately 149,000 ETH.

The decline in Ethereum exchange supply continues

According to Santiment data, the decline in Ethereum was not limited to the general period alone. On each of the days August 16, 17, and 18, exchange balances closed lower than the previous day. This situation showed that Ethereum continues to diverge from Bitcoin in terms of supply leaving exchanges.

The platform noted in the context of the Ethereum picture that the amount of staking is near record levels and institutional treasury companies continue to accumulate Ethereum. Among these companies, BitMine holds approximately 5% of the supply and stakes most of its assets.