The amount of ethereum being held on exchanges has hit a six month low, coinciding with a decline in the wallets holding more than 1,000 ETH.
According to a series of tweets published by on-chain analytics firm Glassnode, the ETH balances on exchanges reached a 6-month low on September 10. The balance, which fell to 17.188 million ETH, rivaled the previous low established just days earlier.
The update points to a decline in market fundamentals for ethereum amidst a general pullback for crypto-asset prices.
In addition to the declining exchange ETH, the number of wallets holding more than 1,000 ethereum has also undergone a significant dip. According to the analytics firm, large-cap ETH wallets fell to a 2-year low of 7,265.
However, the firm found the number of non-zero ethereum addresses reached an all-time high on September 10, giving some indication that the supply of ETH may be undergoing a redistribution.
Contract calls on ethereum’s network also continued to grow despite the decline in price, which Glassnode attributed to the rapid growth of decentralized finance (DeFi) in 2020.
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