The latest data reveals that over 96% of Ether (ETH) supply is currently outside the centralized exchanges (CEXs), its lowest since May 2018.
According to data from CryptoQuant, only 14.5 million ETH, approximately $23.7 billion, are stored in wallets across all centralized exchanges. It accounts for a total of 115.9 million ETH outside of centralized custody.
The current total supply of Ethereum’s native currency is 120 million, which has seen a major decrease in supply inflation after the Merge upgrade in September 2022.Â
A popular crypto analyst, WhaleChart, shared a post citing that ETH on centralized exchanges has hit its lowest since May 2018. The analyst also claims that over 110,000 ETH was moved from the exchanges on October 4, which indicates reduced selling pressure amid the bearish market phase.
The selling pressure for ETH spiked following increased exchange inflow including Vitalik’s CEX transfers of over 2,400 ETH in late September.Â
Also read: Vitalik Proposes ‘Minimal Viable Enshrinement’ For Ethereum
