- CryptoQuant data indicated that top crypto exchanges have not been stocking up on much ETH over the past two years.
- In 2023, exchanges like Coinbase (NASDAQ:COIN) and Gemini have less ETH than they did in April of 2021.
- At press time, ETH was trading at $1,953.74 after a 0.38% price increase.
Data from the on-chain analytics platform CryptoQuant that was shared earlier this morning indicated that some of the most well-known crypto exchanges have not added much to their Ethereum (ETH) reserves over the past two years. This is in stark contrast to the massive Bitcoin (BTC) accumulation by exchanges leading up to the 2024 halving event.
How have the dynamics of #Bitcoin, and #Ethereum reserves from multiple exchanges have changed?How have the #Bitcoin hodlers have reacted to each halving cycle?@BenjiBrannan prepared a live dashboard.Thread pic.twitter.com/bBez9EWdnV— CryptoQuant.com (@cryptoquant_com) July 4, 2023
CryptoQuant’s data indicated that Coinbase, Binance, and Gemini were the top 3 exchanges that had the largest ETH reserves back in April of 2021. These exchanges had 24.9 billion ETH, 14.5 billion ETH, and 11.6 billion ETH in their reserves respectively during this time.
Just over two years later, in May of 2023, Binance was the exchange that had the largest amount of ETH in its reserves, which stood at 16.6 billion. Meanwhile, Coinbase only had 12.6 billion ETH in its reserve in 2023. This meant that Coinbase chopped its ETH reserves in half over the past couple of years.
In addition, Gemini’s ETH reserves dropped from over 11 billion ETH in 2021 to only 3 billion in 2023. This meant that Gemini went from being the 3rd largest ETH holder to only being the 6th largest holder in 2023, according to CryptoQuant.
Most of the top 10 cryptocurrencies were trading in the green at press time, and ETH was no exception to this. CoinMarketCap indicated that the leading altcoin was worth about $1,953.74. This came after the crypto saw its price rise by about 0.38% over the past 24 hours of trading.
ETH / Tether US 1D (Source: TradingView)
This meant that, at press time, ETH was trading closer to its 24-hour low of $1,947.36 than its daily high of $1,974.78. The altcoin’s price rise throughout the past day also nudged its weekly performance a bit further into the green to +4.54%.
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