The amount of ether (ETH) stored in wallets associated with centralized exchanges has fallen to an all-time low not seen in over nine years, dropping to 8.97 million tokens, based on metrics monitored by CryptoRank and Santiment.
This represents the lowest figure since November 2015.
The ongoing trend of withdrawing coins from centralized trading platforms might lead to a scarcity of available tokens in the market, which could trigger a price increase.
“Investors are persistently transferring ETH to cold storage, which decreases the overall liquidity. A similar pattern was observed with BTC in January when exchange reserves reached a seven-year low, subsequently resulting in a significant price spike,” noted CryptoRank.
The quantity of BTC held by centralized exchanges reached a seven-year low on January 13, after which prices surged from approximately $90K to over $109K in the following days.