Ethereum price broke $2,000 on Monday, November 20, after consolidating at the $1,950 area over the weekend. On-chain analysis uncovers how US-based corporate investors have reacted to Blackrock’s recent ETH filing. 

Ethereum price reclaimed $2,000 on Monday. On-chain data shows that corporate investors have now entered a race to accumulate ETH following Blackrock’s Spot ETH ETF filing. 

Ethereum Supply on Exchanges Has Dropped to 5-year Low 

Ethereum price has moved sideways over the past week. But a closer look at recent on-chain data trends shows that ETH investors have started making strategic bullish moves after Blackrock Spot ETH ETF filing. 

CryptoQuant’s Exchange Reserves charts show that investors started shifting ETH coins into long-term storage shortly after Blackrock officially filed for Spot ETH ETF on November 15. 

The chart below shows the Ethereum coins deposited across crypto exchanges stood at 14.5 million as of November 15. But investors have since moved 152,583 ETH off exchanges, bringing the total market supply to a 5-year low of 14.3 million.  

Exchange Reserves are an on-chain metric that tracks the total supply of a cryptocurrency deposited in exchange-hosted ETH wallets. Typically, a decrease in exchange supply infers a drop in the number of coins readily available to be traded on exchanges and trading platforms.

Go to Source to See Full Article
Author: Ibrahim Ajibade

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details