Ethereum supply on exchanges falls to 2015 levels

Since the FTX crash in 2022, the supply of Ethereum on exchanges has steadily declined. That's according to data from Santiment. According to the data, 8.41 percent of all Ether is still on exchange accounts - the lowest level since 2015.

In addition, ETH withdrawals from centralized trading platforms are at the highest level in six months. Long-term investors are holding on to their Ethereum despite the recent price explosion, according to the report. At the time of writing, ETH is trading at $1,847, growing five percent in the past 24 hours.

The majority of bitcoin holdings - about 75 percent - are also on the wallets of long-term investors. The growing number of long-term investors points to a decrease in available supply in the crypto market. Historically, limited supply has often led to price increases at constant or increasing demand.