Ethereum stocks on centralized exchanges have nearly hit a nine-year low, leaving investors optimistic about a potential market bottom that could mark the beginning of the cryptocurrency’s recovery toward the psychological $3000 mark.
On February 18, the leading altcoin’s reserves across all exchanges fell to 18,95 million coins, the lowest since July 2016. эфириум was trading at around $14.
The shrinking supply of Ethereum on exchanges suggests that investors are moving their assets into wallets for long-term storage, a potential signal that a Altcoyin expected to rise. This situation is called a “supply shock,” when high buyer demand is met with a reduction in the available Ethereum, leading to a rally in the asset.
The decline in Ethereum supply indicates that investors are moving assets into cold storage rather than preparing for short-term selling, which has historically been accompanied by reduced selling pressure and stabilization of prices, he said. Chief Operating Officer of Bitget Vugar Usi Zade.
For now эфириум continues to fall, and over the past 24 hours Altcoyin fell almost 3,6% to $2,635.