350 million dollars disappeared… in 3 days – A fter the disappearance of bitcoins, is it the turn of ethers? We have written extensively on the huge flow of bitcoins leaving the exchanges, a signal that was believed to be bullish. The same trend seems to be emerging, but this time on Ethereum.
Our opinion on Ethereum (ETH) »
776,772 ethers less in 3 days
This figure is impressive. If we consider a $ 450 ether, then we can estimate that a total of $ 350 million of ether came out of the exchanges in just 3 days .
Quantity of ETH in circulation on exchanges in 2020
It is still early days to say whether this trend will last … However, this data could be a contextual element confirming a possible rise in the valuation of ETH in the future, due to an obvious scarcity of supply.
Huobi: the platform with the biggest ethers leak
If we increase the granularity of the data, then we realize that this deficit comes mainly from an Asian exchange platform.
Discover Huobi’s token? “
Huobi alone widened the deficit to 443,840 ETH . You will notice the interesting correlation between the increase in the price of ether and the increase in this deficit – although the correlation is not causal, of course.
Quantity of bitcoins circulating on Huobi in blue, put into perspective in relation to the price (in black)
Ethereum in Bitcoin’s footsteps?
The graph takes on a new dimension when compared with the bitcoin balance on the exchanges , a subject that has already been widely relayed on the media.
Discover our previous analysis on these missing bitcoins »
In green, the quantity of bitcoins on the exchanges | In pink, the quantity of ethers on the exchanges
We notice an interesting element. The downtrend of Bitcoin’s balance is consistent with a trend change on the Ether balance , both of which took place in March , in the midst of the Covid-19 crisis.
However, while Bitcoin went downtrend immediately, that of ETH stagnated from April to August. The downtrend hardly seems to start, when the price of ETH has already taken off. This may suggest good prospects for valuation if our hypothesis is confirmed. As we said in the penultimate analysis, there is currently no real technical brake on the valuation of Ethereum up to $ 600-800 .