Although the market value of Ethereum cannot exceed that of Bitcoin (BTC) at present, the number of original ETH held in the Ethereum blockchain will exceed the number of Ethereum held by crypto exchanges for the first time in the coming weeks. According to Nansen data analyzed by Blockworks, earlier this week, the number of ETHs held in the Ethereum blockchain was 22
Although the market value of Ethereum cannot exceed that of Bitcoin (BTC) at present, the number of original ETH held in the Ethereum blockchain will exceed the number of Ethereum held by crypto exchanges for the first time in the coming weeks. According to Nansen data analyzed by Blockworks, earlier this week, the number of ETHs held in the Ethereum blockchain was 22.8 million (about US $39.75 billion), and the number of ETHs held in trading exchanges was close to 24.3 million (about 42.38 billion). This means that the ETH held on the trading floor only accounts for about 20% of the traffic supply.
The ETH held by Crypto Exchange ($8 billion) has decreased by 4900 since the beginning of this year, a 17% decrease. At the same time, the ETH of locks in the Ethereum blockchain increased by 5700 (US $9.4 billion), an increase of one third.
These data show that the U.S. Securities and Exchange Commission (SEC) survey indicators have prompted Ethereum users to bet their ETH in the blockchain rather than stay in the exchange.
It is worth noting that in the past 30 months, the FTX liquidation in November last year absorbed the most Ethereum, surpassing any other time.
During the FTX liquidation period, the average daily net outflow was close to 130500ETH ($227.1 million), and on June 5th, the net outflow even exceeded 200000 ETH ($348.3 million). However, over time, these numbers have decreased.
It is unclear whether ETH flowing out of the Cryptocurrency exchange will eventually be pledged in Ethereum.
However, with the exposure of recent complaints, the net outflow of ETH from the exchange will certainly increase, but a large amount of funds have not flowed into the Ethereum blockchain.
Overall, compared to centralized trading platforms under monitoring pressure, the overall sentiment seems to be more inclined towards decentralized blockchain structures.
This trend can be observed from the increasing interest in ETH pledge and the shift in pledge trading. In the past two weeks, the price difference between ETH exchanges and bet ETH has decreased from over 16% to 6%.
If this trend continues, it is expected that there will be a reversal of cash pledge delivery by the end of this month.
Behind this trend, it reflects the rapid growth of smart contracts and decentralized finance (DeFi) applications on the Ethereum blockchain.
As the first blockchain platform supporting smart contracts, Ethereum provides users with a wide range of innovative and financial services.
This has led to an increasing number of users choosing to use their ETH to hold and participate in various DeFi projects, in order to gain benefits or access other financial opportunities.
This transition is of great significance because it reflects the maturity and development of the Ethereum blockchain.
As a decentralized platform, Ethereum's unique combination of functions and intelligence makes it the preferred platform for multiple applications and projects worldwide.
Ethereum's intelligent integration capability has achieved great success in the field of DeFi (decentralized finance), and has also formed the foundation for many start-ups and innovative projects.
With the continuous expansion of Ethereum ecosystem, more and more people choose to bet their ETH on Ethereum network with various applications and protocols. This trend shows that users' trust and needs for Ethereum continue to grow.
At the same time, as the main venue for digital asset trading, exchanges also hold a large amount of Ethereum.
However, the number of ETH bet in the Ethereum blockchain now exceeds the number held by the exchange. This data point has important omen significance for the market.
For the Cryptocurrency industry, this transition means that Ethereum, as a decentralized platform, is escaping from reality and realizing its commitment, and is increasingly inclined to connect its resources directly with users to the Ethereum ecosystem.
This is also reflected in the growing confidence of the market in Ethereum and indicates the further development and maturity of Ethereum.
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