Cryptocurrency investors should closely watch the Ethereum (ETH) chart in the coming days. Because, according to the data shared by Glassnode, the lowest level of ETH in the last 6 months was seen in the exchanges. This could have an impact on the Ethereum price.
Ethereum price, which went up to $ 485 a few days ago; dropped to $ 400 with a wave of sales in the market. However, data shared by Glassnode show that this decline does not discourage investors. Because the Glassnode team, who examined the amount of ETH in the stock exchanges, realized that this amount had dropped to the lowest level in the last 6 months.
The Bottom of the Last 6 Months Seen
It was wondered whether Ethereum (ETH), the second largest cryptocurrency after Bitcoin, would rise to $ 500. For a while, the Ethereum price, which went up to $ 485, was almost meeting this expectation of investors. However, the wind blowing backwards in the market failed these expectations.
Research by Glassnode; reveals that this decrease in the market is reflected in the stock markets. Because as the ETH price started to decrease, the amount of ETH that investors kept in the stock markets started to decrease significantly. This number dropped to 17.3 million as of September 5, the lowest level seen since March.
Has the HODL Era Begun?
The decrease in the amount of crypto money in stock exchanges is generally considered as a positive development for the crypto money market. Because this amount decreases; It indicates that the amount of investors selling cryptocurrencies on the stock market has decreased. Although it is not possible to come to a conclusion from this data alone, it may indicate that the HODL period has begun for a particular crypto currency.
The fact that the amount of ETH in the exchanges has dropped to the lowest level in the last 6 months may also mean that Ethereum investors have started to HODL. According to the information given by U.Today; a sign that the recent decline has not deterred ETH investors.
We have recently begun to see similar data in the Bitcoin market. Research by Glassnode; revealed that 8 million Bitcoin addresses, which contain 8 million BTC in total, have not been actively used for 3 years. These addresses, which control 44% of the total BTC supply, may have started to HODL thinking that the BTC price will rise.