Ethereum balance on exchanges reaches a 4-year low as trust in custodians fades
The amount of Ethereum held in the wallets of centralized exchanges reached a four-year low, as trust in centralized crypto service providers continues to fall following the bankruptcy of FTX. Cryptocurrency exchange balance reached a four-year low of 19,703,102.3 Ether (ETH) — equivalent to over $24.6 billion as of press time — according to data provided by crypto on-chain analytics provider Glassnode. Bukod dito, data from the same source also indicates that the seven-day average of Ethereums exchange inflow reached a one-month low of $13,329,870. The previous one-month low of $13,451,840 was reported on Dec. 5. The data surfaced as Bitcoin (BTC) transaction volumes Naabot a two-year low while the worlds first cryptocurrency continues to flow off of exchanges. Despite recent market events such as the bankruptcy of major crypto exchange FTX, which resulted in a general distrust towards crypto institutions, some fundamentals clearly show that the crypto space has moved forward in a meaningful way during the last market cycle. Ayon sa isang kamakailang ulat, while prices may have fallen significantly, blockchain analysis reveals that cryptocurrency made significant progress adoption-wise during the last bull market.