---
title: "This Hasn’t Happened to Ethereum (ETH) in 8 Years"
url: https://diffcoin.com/this-hasnt-happened-to-ethereum-eth-in-8-years/
description: "According to most recent data, only 8.41% of ETH's supply is stored at cryptocurrency exchanges."
published: 2023-10-25
updated: 2023-10-25
author: "Mila"
site: "Diffcoin"
---

# This Hasn’t Happened to Ethereum (ETH) in 8 Years

**TL;DR**

- Ether reached $1,850; with exchange supply at a 2015 low and notable whale activity, it grew 13% in a week.
- Bitcoin supply on exchanges dipped to 5.7%, the lowest since 2018, hinting at reduced selling pressure.
- Bitcoin’s surge to $35,000, potentially due to anticipated US SEC approval of a Bitcoin ETF, pushed the total crypto market cap to $1.3 trillion.

## Is ETH Poised for a Further Rally?

Ethereum’s native token – Ether (ETH) – has been among the best-performing cryptocurrencies in the most recent market rally. Its price charted a two-month high of approximately $1,850 (per CoinGecko’s data), significantly changing the trends.

According to the behavior analytics platform for digital assets – Santiment, ETH’s supply on exchanges has plunged to 8.41%, representing the lowest level since 2015. In addition, whales’ transactions have been on a rise, showing activity unseen in the last half a year.

> 😮🐳 [#Ethereum](https://twitter.com/hashtag/Ethereum?src=hash&ref_src=twsrc%5Etfw) has fared well during this market-wide [#crypto](https://twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw) surge. Prices crossed $1,850 for the first time since August 15th, and the now 8.41% of [$ETH](https://twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw) supply on exchanges is the lowest since [#genesis](https://twitter.com/hashtag/genesis?src=hash&ref_src=twsrc%5Etfw) in 2015. Whale transactions also hit a 6-month high. [pic.twitter.com/QZRRmt1AET](https://t.co/QZRRmt1AET)
> 
> — Santiment (@santimentfeed) [October 24, 2023](https://twitter.com/santimentfeed/status/1716956997059572102?ref_src=twsrc%5Etfw)

The outflow of assets from cryptocurrency marketplaces is usually considered bullish as it could indicate reduced selling pressure from investors. ETH has soared by over 13% in the past week, while some factors, like regulatory developments, could trigger an additional spike.

## BTC Supply on Exchanges is Also Going Down

As *CryptoPotato* reported earlier this month, the situation with the primary cryptocurrency is quite similar. The BTC supply on cryptocurrency exchanges dropped to 5.7%, the lowest level since 2018. In comparison, this figure was almost 6% at the beginning of September.

Bitcoin’s rally, possibly prompted by the indications that the US SEC might soon approve BlackRock’s application to launch a spot BTC ETF in the States, seems to be the main catalyst for the recent market revival.

The leading digital asset hit $35,000 on October 24 (for the first time in 17 months), whereas the global cryptocurrency market capitalization reached $1.3 trillion. Those wishing to see how high BTC can jump (according to some prominent figures) could take a look at our video:

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[Source link](https://cryptopotato.com/this-hasnt-happened-to-ethereum-eth-in-8-years/)