According to CryptoQuant analysts, the wallets of centralized cryptocurrency exchanges have significantly reduced the reserves of ETH: in the last 48 hours 27% of coins were withdrawn from them.
Back on January 13 there were more than 11 million ETH on the wallets of cryptocurrency exchanges. On January 14, Alex Saunders wrote that the amount of ether on wallets exchanges decreased to 10 million. And on the morning of January 15, he noticed that the figure dropped to 8.1 million ETH. That is, for two days the amount of ETH in the addresses of centralized exchanges has fallen by 27% and amounted to 7% of the total number of available coins.
In May 2020, there were 14.1 million ETH on exchanges - a historical record. Since then, cryptocurrency exchanges' ether reserves have fallen by 42.5%. This amount of ether reserves was observed in July 2018. By comparison, bitcoin reserves on cryptocurrency exchange wallets peaked in March 2020 and have only declined 21% since then.
According to Saunders, this signals a continued rise for the second cryptocurrency:
"We all know what happened to bitcoin when demand exceeded supply. It quadrupled in 90 days."
Recall that in early January, the ETH exchange rate exceeded $1,000 for the first time since early 2018. The historical high of ether was fixed at $1,400. Now the coin is trading at $1,250, which means a new historical record could be reached in the coming days.
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