ViewBase: a quarter of ETH is stored on exchange wallets

According to the analytical platform ViewBase, about a quarter of the ETH in circulation is stored on exchange wallets. At the same time, the number of new Ethereum addresses is inferior to Bitcoin.

According to ViewBase, to date, there are 26,712,401 ETH worth about $10.3 billion on exchange wallets, which is 23.6% of the total volume of coins in circulation. About 26 million ethers ” lie ” on centralized exchanges. Of this amount, 8.5 million ETH is stored on Coinbase, 5.2 million ETH on Bitfinex, and 3.2 million ETH on Huobi.

It is worth noting that ether is far ahead of bitcoin in terms of the number of coins stored on exchanges. For bitcoin, this figure is only 8.1%. According to the analytical company Glassnode, this figure has been steadily declining over the course of the year. In February, the number of bitcoins on exchange wallets reached 2.97 million BTC, and now it has become less than 2.6 million BTC.

According to cryptocurrency analyst Willy Woo, this decline indicates the arrival of new buyers who take crypto assets from the markets and move them to their wallets for cold storage. The low share of bitcoins on exchanges contributes to the development of the “macro-mining” trend. Glassnode experts added that about 480,000 new Bitcoin addresses appear every day, which is six times more than the same indicator of Ethereum, which is less than 80,000 new addresses per day.

However, according to July data from the analytical company Messari, since the beginning of 2020, the number of active Ethereum addresses has increased and is growing twice as fast, unlike Bitcoin. This month, the situation has changed. Analysts at Glassnode reported that the number of active Bitcoin addresses has grown to 388,697 and is preparing to overcome the historical maximum recorded at the end of 2017.