Drop in Ether Holdings on Centralized Exchanges

The number of ether (ETH) held in wallets linked to centralized exchanges has fallen to a nine-year low, at 8.97 million tokens, according to CryptoRank and Santiment data.

This marks the lowest level since November 2015.

The ongoing withdrawal of coins from centralized trading platforms may decrease the available supply in the market, potentially triggering a price increase.

“Investors continue moving ETH to cold storage, reducing available liquidity. BTC experienced a similar trend in January when exchange reserves hit a seven-year low, followed by a significant price surge,” CryptoRank reported.

As of January 13, the amount of BTC on centralized exchanges also reached a seven-year low, after which prices rose sharply from approximately $90K to over $109K in the following days.