Ethereum users accumulate, this time off exchanges

Ethereum users accumulate, this time off exchanges

Ethereum’s user base continues accumulating assets amid the ongoing market downturns while moving coins off exchanges in a climate of distrust towards centralized service providers.

According to the on-chain analytics service Glassnode, Ethereum (ETH) addresses with at least 32 ETH and at least 10 ETH have reached a new all-time high of 128,201 and 343,254, respectively. Moreover, addresses holding at least 10,000 ETH reached a one-month high of 1,195, per the Glassnode chart.

The findings follow a recent report indicating that the amount of Ethereum held in the wallets of centralized exchanges reached a four-year low, as trust in centralized crypto service providers continues to fall following the bankruptcy of FTX. The trend is continuing with today’s data showing that $11.6 million worth of Ethereum left cryptocurrency exchanges over the last 24 hours.

Market data shows that Ethereum is trading at $1,231 as of press time, losing 1.24% of its value over the last 24 hours. Furthermore, the coin traded at 3.47% lower than seven days ago.

Follow Us on Google News

Read more about

Adrian Zmudzinski

Adrian Zmudzinski is a cryptocurrency journalist with over 3,000 articles under his belt. He is passionate about cryptocurrencies, digital rights, information technology and futurology — the things that he likes to cover the most. Adrian previously reported for Cointelegraph and Benzinga.