The latest data from Glassnode indicated that the current balance of ETH on exchanges stood at approximately 17.2 million, marking the lowest point witnessed in the past five years.
Comparatively, back in January, the balance on exchanges exceeded 19 million; at the start of May, it surpassed 18 million.This downward trend implied a reduction in available liquidity within exchanges. However, it is important to note that a decrease inEthereum holders remain steadyis leaving exchanges at a higher rate than it is being deposited, the dynamics surrounding the total number of ETH holders tell a different story.
The Santiment chart showed a steady increase in the number of ETH holders. Currently, approximately 100 million individuals hold varying amounts of ETH.Source: Santiment The declining balance on exchanges and the simultaneous growth in the number of holders can be attributed to two main factors: self-custody and staking.
Firstly, more individuals opt for self-custody, holding their ETH in personal wallets rather than leaving them on centralized exchanges. It provides users with greater control and security over their assets.EthereumIn return for securing the network, stakers receive rewards in the form of additional ETH. It incentivizes users to hold their ETH in staking contracts rather than on exchanges. As of this writing, the total number of ETH deposits for staking was over 780,000 and growing.
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