The amount of ETH held on exchanges has decreased over the past two days, with CryptoQuant data indicating that only 8.1 million ETH is currently in the reserves of centralized exchanges.
The acceleration in ETH starts was highlighted by Alex Saunders of Nuggets News, who noted a 10% drop in Ether reserves on centralized platforms on January 14 - from 11 million to 10 million in 24 hours.
Earlier today, Saunders noted that the decline in Ether reserves increased another 20%, suggesting that centralized platforms could run out of ETH in the next 48 hours.
Other data providers also show that exchange balances have declined 42.5% since hitting a record high of 14.1 million in mid-May 2020.
Data from Glassnode shows that Ether reserves on centralized exchanges have not been this low since July 2018. According to the data, only 7% of circulating Ether reserves are held on exchanges.
Saunders interprets this data as suggesting that an explosive bull run to new all-time highs is imminent for Ether
CryptoQuant data shows that exchanges' BTC reserves have fallen 21% since hitting an all-time high of nearly three million in March 2020. However, Ether's recent acceleration in exchanges is far outpacing BTC. BTC exchange reserves have fallen only 4.5% since October 21, while the price of Bitcoin has risen 230%, from around $12,000 to $40,000.
According to crypto market data aggregator Into The Block, ether is currently showing numerous bullish signals, including a buy-sell volume imbalance of nearly 9%.
