ETH balances on the stock exchanges fall to a 3-year low
With the recent price hike, accompanied by some positive signals, ETH balances on major centralized exchanges hit a 3-year record low, reaching 14,042,589 ETH, according to data from Cointelegraph.
The data also shows that the balance steadily declined on December 4, 2021 after hitting a three-year low prior to ETH 14,059,101.
ETH balance to CEX | Source: Glassnode
What does a low stock market balance mean for Ethereum
Low ETH balances on the exchanges can be seen as an optimistic sentiment towards the market. The withdrawal from the stock market is due to investors hoarding the coin more than wanting to trade it.
In addition, continuous network upgrades also affect the supply and demand of Ethereum. For example, the London Hard Fork introduced a mechanism for writing into the Ethereum fee market, which put deflationary pressure on the cryptocurrency.
The decline in market balances also shows that long-term investors keep their assets safe or lock their coins profitably via DeFi protocols or ETH 2.0 staking. Most Exchange wallets are considered risky and prone to hacking, while Ethereum is being updated to make staking easier on the network.
The security of the exchange also sparked concern among investors recently after the BitMart exchange lost about $ 196 million in a hack.
Elsewhere, investors expect the asset to appreciate in value, with some market analysts suggesting that Ethereum has the potential to overtake Bitcoin as the largest number in the world in terms of market capitalization.
The decline in ETH balances on the exchanges is similar to the rise in Ethereum, which is tied to smart contracts. Smart contracts have fueled the growth of the DeFi sector.
The rise of DeFi has enabled alternatives to centralized exchanges along with new ways of interacting with the crypto ecosystem, such as: B. Lending and Productive Agriculture. Therefore, as the asset grows, it will stay in the Ethereum ecosystem longer than on exchanges.
Ethereum mining revenue surpasses Bitcoin for the seventh straight month
Ethereum mining revenues surpassed Bitcoin for the seventh consecutive month, according to The Block Research.
Income from Ethereum mining | Source: The Block
Bitcoin miners earned $ 1.69 billion last month, 2% less than the previous month. In contrast, the Ethereum miners had sales of $ 1.99 billion – up 11.8% from October – and achieved 1.18 times the total sales of Bitcoin miners in November.
Bitcoin mining revenue | Source: The Block
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Ethereum
ETH balances on the stock exchanges fall to a 3-year low
With the recent price hike, accompanied by some positive signals, ETH balances on major centralized exchanges hit a 3-year record low, reaching 14,042,589 ETH, according to data from Cointelegraph.
The data also shows that the balance steadily declined on December 4, 2021 after hitting a three-year low prior to ETH 14,059,101.
ETH balance to CEX | Source: Glassnode
What does a low stock market balance mean for Ethereum
Low ETH balances on the exchanges can be seen as an optimistic sentiment towards the market. The withdrawal from the stock market is due to investors hoarding the coin more than wanting to trade it.
In addition, continuous network upgrades also affect the supply and demand of Ethereum. For example, the London Hard Fork introduced a mechanism for writing into the Ethereum fee market, which put deflationary pressure on the cryptocurrency.
The decline in market balances also shows that long-term investors keep their assets safe or lock their coins profitably via DeFi protocols or ETH 2.0 staking. Most Exchange wallets are considered risky and prone to hacking, while Ethereum is being updated to make staking easier on the network.
The security of the exchange also sparked concern among investors recently after the BitMart exchange lost about $ 196 million in a hack.
Elsewhere, investors expect the asset to appreciate in value, with some market analysts suggesting that Ethereum has the potential to overtake Bitcoin as the largest number in the world in terms of market capitalization.
The decline in ETH balances on the exchanges is similar to the rise in Ethereum, which is tied to smart contracts. Smart contracts have fueled the growth of the DeFi sector.
The rise of DeFi has enabled alternatives to centralized exchanges along with new ways of interacting with the crypto ecosystem, such as: B. Lending and Productive Agriculture. Therefore, as the asset grows, it will stay in the Ethereum ecosystem longer than on exchanges.
Ethereum mining revenue surpasses Bitcoin for the seventh straight month
Ethereum mining revenues surpassed Bitcoin for the seventh consecutive month, according to The Block Research.
Income from Ethereum mining | Source: The Block
Bitcoin miners earned $ 1.69 billion last month, 2% less than the previous month. In contrast, the Ethereum miners had sales of $ 1.99 billion – up 11.8% from October – and achieved 1.18 times the total sales of Bitcoin miners in November.
Bitcoin mining revenue | Source: The Block
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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