ETH reserves on Cryptocurrency exchanges continue to fall

The update of the historical highs of the ether (ETH) price increases with the reduction of exchange reserves despite the market turbulence

The reserves of the ether (ETH) cryptocurrency on the exchanges continue to decline. How found out in Santiment, whales played a particularly strong role in the reduction. Despite the update of historical highs, ETH reserves continue to decrease.

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Source: twitter.com

Recall that on Thursday, April 22, the price of ETH set a new historical high at $2646 (BitMEX). The market capitalization exceeded $300 billion. The growth even led to the fact that bitcoin’s market dominance collapsed to the levels of 2018 at around 48%.

Source: cryptoquant.com

According to CryptoQuant, the exchanges hold 18.8 million ETH ($40.8 billion). For comparison, back in April last year, this number was 25.6 million ETH (-26.5%).

See also: The “Ethereum Killer” Isn’t Born Yet — Weiss Crypto

How found out in IntoTheBlock, the number of addresses storing ETH for at least a month, reached a 12-month high.

Source: twitter.com

Thus, 3.72 million ETH addresses collectively hold 23.53 million ETH. Meanwhile, exchange-traded funds have been fighting for customers.

Funds offering ETFs on ETH staged a price war. As reported by the editorial board of BeInCrypto, asset manager Evolve Funds Group announced that it will cancel the commission of 0.75% by the end of May.

See also: PoW model slows down Mass Adoption of cryptocurrencies-Ripple Co-founder

By comparison, Mike Novogratz’s company Galaxy Digital Asset Management charges a 0.40% commission for managing the CI Galaxy Ethereum ETF (ETHX). The exchange-traded ether fund from Purpose costs investors 1% at all.

Read about why mining bitcoin and ethere has become more difficult, and sending coins is even more expensive in the BeInCrypto article.

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