Santiment on $ETH: Since March 15, 2020, Exchange Supply Down 10%, Price Up 3,447%

Around 14:32 UTC on September 3,on Bitstamp, the Ethereum ($ETH) price broke above the $4,000 level for the first time in nearly four months (i.e. since May 15), and two minutes later, reached today’s intraday high of $4,021.09.

Currently (as of 18:30 UTC on September 3), ETH-USD is trading around $3,958.56, up 5.24% in the past 24-hour period. As for the year-to-date (YTD) period, ETH-USD is up 441.39%.

Crypto-focused behavior analytics startup Santiment pointed out that since mid March 2020, as $ETH balances on crypto exchanges have dropped 10% (i.e. from 27% to 17% of the total supply), the $ETH price has gone up around 3,447%.

Interestingly, according to data by Etherscan, around 7.39 million ETH (worth roughly $21.2 billion), or roughly 6.36% of ETH’s circulating supply is currently held by the Eth2 deposit contract (i.e. being used for staking).

One of the many crypto analysts who believes that $ETH going up is good news for $BTC is Hans Hauge, Head of Quant Strategy at Ikigai Asset Management:

Another is Michaël van de Poppe, who had this to say:

Ethereum’s price action is impressing more than just ETH HODLers. Yesterday (August 2), Oscar Winner and Hollywood A-lister Reese Witherspoon announced on Twitter that she had just bought $ETH for the first time:

And finally, according to Italian mobile developer Alessandro Paluzzi, Twitter is working on a feature that allows a user to add their $BTC and $ETH wallet addresses to their profile so that they can receive tips via the upcoming “Tip Jar” feature:

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Image by “elifxlite” via Pixabay

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