The exchange supply for Ethereum (ETH) is at its lowest point in almost five years, according to a tweet from blockchain analytics company Santiment yesterday. The analytics company tweeted that ETH has been one of the most well-known assets to be placed in self-custody, especially in the wake of the FTX crash.
👍 #Ethereum's exchange supply is at its lowest in nearly five years. Particularly after the #FTX collapse, $ETH has been one of the most prominent assets to be moved into self custody. Generally, less on exchanges means lowered future selloff probability. https://t.co/jybpnwij0w pic.twitter.com/kuQ48oLOb5
— Santiment (@santimentfeed) March 3, 2023
The tweet also included the chart above, which demonstrates that the supply of ETH on exchanges has dropped below 11% for the first time since June 2018, and that since March 2020, 15.99% more of the overall supply has migrated into self-custody. The tweet claims that the move of ETH's supply into self-custody indicates a reduced likelihood of a future selloff.
The overall market value of ETH has increased and is currently estimated to be about $192,105,666,224.
