Ethereum Balance On Exchanges Reaches 2-Year Low As Investors Hold For The Long-Term As It Breaks $4,000

The balance of Ethereum (CRYPTO: ETH) held on cryptocurrency exchanges has reached a two-year low as bullish sentiment pushed people to move their coins off-exchange for long-term storage.

What Happened: Cumulatively, crypto exchanges hold 14.7 million ETH (about $59 billion), which is the lowest number since November 2018, according to the Glassnode chart showing the Ethereum balance on cryptocurrency exchanges. Trust in the coin's value is further highlighted by the total value locked in the Ethereum 2.0 deposit contract reaching a new all-time high of $34.3 billion.

Glassnode data also reveals Ethereum's realized cap — the value of all ETH at the price when it was last moved — also reached an all-time high of $186.1 billion. This spurs the bullish sentiment even further since it clearly shows that market participants are ready to continue paying ever-increasing prices for the coin.

Increasing prices in excess of $4,000 have spurred miners to invest in Ethereum infrastructure, as shown by the network's hashrate reaching a new all-time high as well.

The bullish sentiment is also increasing as market participants prepare for the Altair network upgrade — expected to take place today.

ETH Price Action: As of Wednesday morning at publication, Ethereum is trading at $3,998,81 after seeing its value lose over 4.11% of its value over the last 24 hours, according to CoinMarketCap.

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