Despite analyst Alex Saunders’s warning that crypto exchanges will not be able to trade on ETH anytime soon, Glassnode CTO assures that this is far from the truth.
Glassnode CTO Rafael Schultze-Kraft responded to Alex Saunders, founder and analyst at NuggetsNews, to calm the community and tell that ETH exchange flows are “within completely normal ranges”.
Previously, Saunders claimed in his tweet that cryptocurrency exchanges could trade non-ETH within 48 hours.
“Exchanges may not be able to trade on ETH within 48 hours. Demand has skyrocketed. Exchange reserves have dropped 20% from 10 million to 8 million in the past few hours. With targets of $ 5,000, $ 10,000, and $ 20,000 in the long run, I doubt that many HODLers will sell their ETH in the range of $ 1-2 thousand. ”
“ETH exchange flows are in the normal range”
Rafael Schultze-Kraft responded to Alex Saunder’s tweet about ETH supplies allegedly exhausted from digital exchanges within two days.
Glassnode CTO stated that this is far from the truth. Saunders mentioned in his tweet that ETH exchange reserves have dropped from 10 million to 8 million in the last few hours, by two million tokens. This is the result of the demand for ETH to rise rapidly, according to a CryptoQuant scheme he quoted.
However, Schultze-Kraft believes that a two million ETH drop in balances does not necessarily mean active withdrawals.
He shared a Glassnode chart showing that the balances are now the same as a year ago and much higher than in April 2018.
Ethereum falls 10 percent below 2018 ATH
The second largest cryptocurrency remains at $ 1,225 at the time of writing. This is about 10% below the all-time high of $ 1,432.
Since the beginning of 2021, ETH has managed to double its market value from $ 770 to $ 1,332 in Bitcoin’s rapidly rising tide. Institutional investors such as Grayscale Investments continue to receive large amounts of ETH.
So far, according to Glassnode, the amount of wallets with non-zero ETH has reached an all-time high of 52,402,367.