The interest around ETH was also reflected in the 21% jump in trading volume over the past 24 hours. In fact, volumes have been on the rise since the beginning of June, impacted by events like regulators’ clampdown on major entities and growing institutional interest in cryptos.
The volatility has also made higher-highs and higher-lows after hitting rock bottom in the latter half of May, as revealed by Santiment.backed up the above observation. However, it also revealed some interesting aspects about exchange supply and accumulation. Santiment further stated that large addresses were unfazed by the resurgence of trading activity. They continued to fill up their coffers with more ETH.
As evident below, the largest non-exchange addresses have been on an ETH accumulation spree since the start of 2023. But the pace has accelerated lately owing to factors like eroding trust in centralized exchanges and ETH’s viability as a long-term investment.In contrast, the supply on exchanges held by top addresses, or ETH’s liquid supply, has been steadily declining and fell to below 7 million ETH at the time of writing, equating to a little more than 9% of the total circulating supply.
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