Santiment, a popular on-chain analytics company shows that the Ethereum holders are withdrawing a massive amount of ETH from exchanges, lowering the risk of a big sell-off in the future. ETH held on exchanges is now lowest since November, 2018. It has dropped below 18% for the first time in 31 months.
According to the data produced by Santiment, it is evident that by moving their ETH out of exchanges into cold storage wallets, users have reduced the chances of a major ETH sell-off in the near future.
You can access the analysis here. However, you will require a PRO account to see the complete data.
Since May 12, Ethereum has gone through a 54.73 percent decline, having recently recaptured the crucial $2,000 level. At press time, the second-largest cryptocurrency in the world is trading at the $2,047.13 level. Earlier this year, ETH managed to hit an all-time high of $4,362 on May 12, as per the data provided by CoinMarketCap.