Copyrighted Image by: Reuters

The supply of Ethereum on exchanges has plummeted to levels not seen since 2015, according to data from Santiment. This historic decrease corresponds with the cryptocurrency's price crossing the $1,850 mark for the first time in approximately three months. The percentage of Ethereum held in exchange wallets has reached a record low of 8.41%, resulting in a six-month high in whale transactions withdrawing Ethereum from exchanges.

This trend was highlighted in a recent post by Santiment X, which also noted an increase in new whales acquiring Ethereum. As reported by @OnchainDataNerd, these new whales purchased 56,070 Ethereum, equivalent to $98.06 million, within a single day.

The value of Ethereum experienced a significant rise of 12.70% from Sunday, jumping from $1,638.8 to $1,846. This increase is largely attributed to Bitcoin's over 15% surge, which was influenced by the anticipated approval of a Bitcoin spot ETF and Grayscale's application for an Ethereum futures exchange-traded fund, as reported by U.Today.

Despite this surge, Ethereum has since experienced a slight decline of 3.11% and is currently trading at $1,789. This decline follows the substantial increase and reflects the volatile nature of the cryptocurrency market.

https://www.investing.com/news/cryptocurrency-news/ethereum-supply-on-exchanges-drops-to-historic-low-as-price-crosses-1850-93CH-3209146