Ethereum (ETH) has been consolidating ever since the second-largest cryptocurrency plummeted to lows of $2,000 before returning to $2,410 from an all-time high (ATH) of $4,350.Nevertheless, the number of ETH deposits on crypto exchanges continues to diminish, as disclosed by Glassnode. The on-chain metrics provider explained:
“THE NUMBER OF ETHEREUM EXCHANGE DEPOSITS (7D MA) JUST REACHED A 5-MONTH LOW OF 548.940.”
It could, therefore, suggest that Ethereum stored in cold storage or wallets is not being moved for holding purposes, which is a bullish signal.These statistics correlate with insights recently provided by Glassnode that Ethereum exchange inflow volume reached a monthly low of $34.27 million.
“THE AMOUNT OF ETH IN SMART CONTRACTS IS NOW AT A SIMILAR LEVEL TO WHAT IT WAS DURING THE DAO EVENT (AROUND 23% OF ALL ETH). IN JUNE OF 2016, THAT WAS ~$230 MILLION WORTH OF ETH. TODAY, IT IS ~$63 BILLION WORTH OF ETH.”
The Ethereum network is one of the sought-after crypto spaces because its smart contracts are widely applied in the decentralised finance (DeFi) and non-fungible token (NFT) sectors.