Exchanges running out of ETH with reserves plunging 27% in 48 hours

Ether reserves on exchanges increased 20 times
CONTENT

  • Exchanges replenish Ethereum reserves

  • DeFi Market Crashes After ETH Price Falls

  • Bullish trend on the way

International consortium of news organizations developing transparency standards.

Ethereum token stocks on cryptocurrency exchanges have surpassed their all-time high set in 2018 when the coin was worth $ 89. Total exchange-traded Ethereum deposits increased to 14.5 million across all major cryptocurrency platforms, indicating that ETH is likely going to trading platforms for sale.

According to the analytic resource ViewBase, the stocks of ether on the main trading cryptocurrency exchanges have increased 10-20 times compared to 2018.

Ether reserves on exchanges increased 20 times

https://twitter.com/viewbasecom/status/1240885092630687745

So, as of March 2020, more than 14.5 million ETH are stored on exchanges. The main holders are:

Bitfinex – 3,167,606 ETH (108,946 ETH in March 2018);

Binance – 2,596,612 ETH (923,573 ETH in March 2018);

Kraken – 2,562,978 ETH (2,542,609 ETH in March 2018);

Huobi – 2,017,136 ETH (248,589 ETH in March 2018);

Bittrex – 880,539 ETH (716,506 ETH in March 2018);

According to experts, investors are now actively selling off their cryptocurrency assets, fearing a further drop in prices associated with the coronavirus. As the price of Ethereum fell below $ 200, it triggered a large number of liquidations on DeFi platformsDecentralized Finance (DeFi) is financial services built on blockchain technology that offer users access to an open, efficient and … More ETH Used as Collateral on DeFi Platforms Almost Halves.

Since DeFi platforms use ETH as collateral for loans (when the price of Ethereum drops significantly, borrowers are required to increase ETH to support their loans). Analysts expect the cryptocurrency market to set a new bottom in the near future, and stock data suggests that a large number of investors are selling Ethereum out of fear of market uncertainty..

If we compare the stocks of ether on the platforms in February 2020 and March 2020, we can note the growth, which is most likely caused by the active sale of the coin by the holders.

Bitfinex – 3,167,606 ETH (2,440,925 ETH in February 2020);

Binance – 2,596,612 ETH (2,608,237 ETH in February 2020);

Kraken – 2,562,978 ETH (2,517,241 ETH in February 2020);

Huobi – 2,017,136 ETH (1,886,874 ETH in February 2020);

Bittrex – 880 539 ETH (871 716 ETH in February 2020);

Despite the panic in the market and the overwhelming fear index, analysts expect an early recovery in the cryptocurrency market, which will be accompanied by a rapid rise in the value of key cryptocurrencies. At the moment, ETH is trading at around $ 134 (+ 2.53% per day).

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

Share Article

By admin