Traders Are Massively Sending Ether to Crypto Exchanges Anticipating a Sale

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At the beginning of January, there was a decrease in the volume of Ether on exchanges as investors transferred the cryptocurrency to cold wallets.

According to Santiment analysts, the reserves of the 150 largest ETH addresses reached their lowest level since June 2018. Whales and sharks were estimated to be holding about 9.46 million ETH on exchanges.

However, in the most recent week, the balance of cryptocurrency on exchanges has begun to increase. According to CryptoQuant, traders have been sending ETH to trading platforms since January 24, indicating potential upcoming altcoin sales.

Currently, exchange wallets hold approximately 14.602 million ETH. On January 26, the value of ether dropped to $2,211, representing a 9% decrease in seven days.

The average daily number of active addresses also decreased to 490,000. In 2023, the number of addresses with varying amounts of Ethereum on the network rose by 39% to 124 million, according to Block Research.