{"id":339504,"date":"2024-07-08T03:12:59","date_gmt":"2024-07-07T21:42:59","guid":{"rendered":"https:\/\/dripp.zone\/news\/is-ethereum-becoming-scarcer-than-bitcoin-on-exchanges-crypto-news\/"},"modified":"2024-07-08T03:18:35","modified_gmt":"2024-07-07T21:48:35","slug":"is-ethereum-becoming-scarcer-than-bitcoin-on-exchanges-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/is-ethereum-becoming-scarcer-than-bitcoin-on-exchanges-crypto-news\/","title":{"rendered":"Is Ethereum Becoming Scarcer than Bitcoin on Exchanges? – Crypto News"},"content":{"rendered":"

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Ethereum (ETH) metrics have shown that the digital currency might be suffering from scarcity than earlier projected. According to on-chain data, Ethereum is now being accumulated at a faster rate than Bitcoin.<\/span><\/p>\n

The Ethereum and Bitcoin Divergence<\/strong><\/h2>\n

According to data insights from Leon Waidmann from BTC-Echo, Ethereum is becoming scarcer than Bitcoin. While there are metrics that show the individual performance of BTC and ETH, their correlation per exchange balances is also a crucial one.<\/span><\/p>\n

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\ud83d\udea8HUGE divergence between #Ethereum<\/a> and #Bitcoin<\/a>!<\/p>\n

ETH is becoming SCARCER than BTC.#ETH<\/a> Exchange Balance: 10.189% \ud83d\udcc9#BTC<\/a> Exchange Balance: 15.086% \ud83d\udcc8<\/p>\n

The gap is WIDENING! pic.twitter.com\/UnuejbnS8l<\/a><\/p>\n

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\u2014 Leon Waidmann | Onchain Insights\ud83d\udd0d (@LeonWaidmann) July 7, 2024<\/a><\/p>\n<\/blockquote>\n

According to the accompanying Glassnode data shared by Waidmann, the current Ethereum exchange balance is pegged at 10.189%. In contrast, that of Bitcoin comes in at 15.08%, a figure that suggests a tightening gap.<\/span><\/p>\n

Since the conversation around <\/span>spot Ethereum ETF<\/span><\/a> came into the limelight, demand for ETH has grown. Investors suddenly started buying Ethereum at a frantic pace, accounting for the drain on trading platforms. The investor action is explainable, considering how Wall Street money is projected to buy Ethereum upon ETF launch.<\/span><\/p>\n

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This projection is not unfounded judging by the trend seen in <\/span>spot Bitcoin ETF<\/span><\/a> products. When the BTC ETF came into the market in January, top firms like <\/span>Susquehanna International Group<\/span><\/a> (SIG) went all out to buy the asset. The buyups played a crucial role in sending the price of Bitcoin to an All-Time High (ATH) of $73,750.07.<\/span><\/p>\n

Despite the exchange balance for Ethereum draining fast, the impact on the price of ETH is not visible. At the time of writing, Ethereum is changing hands for $2,983.03, down by 2.31% in the past 24 hours. The coin\u2019s 24-hour low and high trading price comes in at $2,956.99 and $3,080.11 respectively.<\/span><\/p>\n

Revival Plans for ETH<\/strong><\/h2>\n

The future growth of ETH is now hinged on the new long-awaited decision from the US SEC. After it greenlighted the 19b-4 forms for the spot Ethereum ETF application weeks ago, the wait for <\/span>S-1<\/span><\/a> is near.\u00a0<\/span><\/p>\n

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Though the timeline for launch remains largely speculative, the coming 2 weeks appear pivotal. ETF Store President Nate Geraci believes the regulator will do everything it has to do to make <\/span>Ethereum ETF start trading in 2 weeks<\/span><\/a>.<\/span><\/p>\n

Read More: Peter Schiff Claims Bitcoin Whales Set Up ETF Investors As \u201cBag Holders\u201d<\/a><\/strong><\/p>\n

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