Glassnode analytics provider has published that the Ethereum balance on online exchanges has plummeted sharply to a 9-month low. Beyond that post, the total number of ETH wallets and other on-chain fundamentals was also noted to decline. They hit new major lows including the number of wallets that have 1,000+ ETH.
Glassnode analytics aggregator has reported that ETH on-chain fundamentals have not been doing well in recent times. Earlier today, the company managed to publish a tweet with a chart that shows that the amount of Ethereym (ETH) held by users on crypto exchanges has experienced a considerable decline and hit a 9-month low.
The value of this metric today totals 16,583,339.932 ETH. The previous similar low was registered on the same day in 2019.
Number Of Wallets With 1,000+ ETH Dropping
The total number of ETH wallets that have a balance of at least 1,000 ETH has experienced a major 2-year drop, according to another Glassnode tweet. Currently, there are 7,218 wallets with 1,000+ ETH out there. Nonetheless, this number is dropping sharply.
ETH mean transaction volume has also plunged considerably in the last 24 hours. It is down 25.4 percent and totals 9.099 ETH.
Increasing Number Of ETH Non-Zero Wallets
Despite all the negative reports mentioned above, Glassnode also shared some news about ETH. The total number of non-zero ETH wallets has surged to a new all-time high of 47,185,555.
Moreover, the number of ETH wired to crypto exchanges has increased over the last 24 hours. Now, the metric shows a 39% increase (864.792). Nevertheless, since ETH exchange balances are in decline, this is probably to indicate that users are sending their ETH to DeFi and locking them in smart contracts for yield farming.