The number of ether (ETH) held in wallets tied to centralized exchanges has dropped to an over nine-year-old low of 8.97 million tokens, according to data traced by cryptorank and santiment.
It is the lowest figure since November 2015.
The continued emigration of coins from centralized trading platforms can result in reduced accessibility of coins on the market, which could potentially lead to an upward price increase.
“Investors continue to move ETH to cold storage and reduce the available liquidity. BTC experienced a similar trend in January when Exchange Reserves hit a 7-year-old low, followed by a sharp price increase,” Cryptorank said.
The number of BTC held on centralized exchanges hit a seven-year low on January 13, after which prices rose from approx. $ 90,000 to over $ 109K in the following days.
