Key takeaways:
-
Declining ETH supply on exchanges signals a potential rally in the making.
-
Ethereum weekly DEX volume jumped 47% reflecting improving sentiment.
-
Historical data shows ETH price gains 4.77% on average.
Ether (ETH) price climbed back above $4,000 on Monday, after a 3.5% climb over the last 24 hours. This recovery has sparked hopes of ETH resuming its bull run in October, backed by several onchain, historical and technical data.
Declining ETH supply on exchanges
As Cointelegraph reported, Ether supply on centralized exchanges has dropped to its lowest point since 2016, driven by growing institutional accumulation.
CryptoQuant analyst CryptoMe points out three reasons why ETH reserves on exchanges are dropping:
-
Investors withdrawing into self-custody;
-
Moving ETH to staking or exchanges;
-
Transfers to a new wallet.
Total Ethereum exchange outflows are also on the rise….
