- ETH reserves fall rapidly in exchanges over the last two days.
- Only about 8.1 million ETH is currently available on centralized exchanges.
- Investors rally to buy Ether tokens before another massive bull run.
As Ether (ETH) token sets new highs on its price value, exchanges see their ETH reserves slowly diminish. In just two days, ETH reserves on exchanges have dropped by 27%. Analysts say that ETH will set a whole new price record again very soon.
Presently, CryptoQuant shows that only about 8.1 million ETH is still available within centralized exchange reserves. CEO and Founder of NuggetNews, Alex Saunders says that exchanges could run out of ETH in 48 hours.
Exchanges could be out of $ETH within 48 hours. Demand has sky rocketed. Exchange reserves fell 20% from 10M to 8M in the last few hours. With targets of $5k, $10k & $20k long term, I doubt many HODLers will sell their ETH in the $1-2k range. 🌐🖥️👽 #ETH2 #DeFi #NFTs #Gaming #DAO pic.twitter.com/rYPOch2u7p
— Alex Saunders 🇦🇺👨🔬 (@AlexSaundersAU) January 14, 2021
Additionally, he pointed out that reserves fell from 10 million to 8 million in a matter of hours. Investors have set long term targets of $5,000, $10,000, and $20,000. These investors won’t be selling their ETH anytime soon.
Saunders previously predicted, in an older tweet, that exchanges may run out of ETH reserves in 10 days after noticing a 10% drop in reserves over 24 hours. He amended this prediction in just over a half-day with the new tweet.
Other data analysts too have confirmed the fall in ETH exchange reserves. More specifically, the data brings to light a drop in a total of 42.5% since Ether’s all-time high back in Mid-May 2020.
Exchanges haven’t seen Ether reserves this low since July 2018. Bitcoin’s value quadrupled in 90 days when its demand outweighed its supply. Similarly, we may see a massive bull run with Ether. Only, this bull run will be much faster.
Source: https://coinquora.com/eth-reserves-extinguishes-as-demand-grows-on-exchanges/
