Doc's Daily Commentary
Mind Of Mav
The World Is Running Out Of Ethereum
The available ETH in the market is drying up and becoming less liquid. Here’s what it means for future price.
Fast forward to this bull cycle, and exchanges are witnessing 6.5 million less ETH than what was there about nine months prior. This comes out to be about 25% less in reserves.
What’s interesting in the current chart is the breakaway speed at which ETH is leaving exchanges.
3.17 million ETH are locked up in Grayscale’s Ethereum Trust (ETHE).
3.7 million ETH are staked on Ethereum 2.0’s Beacon Chain.
0.5 million ETH are sitting over as a BEP-20 token on Binance Chain.
That comes out to be just a bit more than 18 million ETH less liquid or virtually illiquid.
When it comes to the first part of our freight train, the reduction of supply is what goes unnoticed. It’s happening slowly and its effect on the market is not flashy.
When price breaks this cylinder, it’ll create breakaway speed. Price targets can get pretty wild if one decides to take the time to do it.
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