A key aspect of the Ethereum ecosystem is its distribution and activity across centralized (CEX) and decentralized exchanges (DEX). Analyzing this shift is crucial for grasping the market dynamics of the second-largest cryptocurrency and understanding its position.
There has been a notable decline in Ethereum’s presence on centralized exchanges this year. From a high of 20.23 million ETH on Jan. 1, the balance plunged to 14.21 million by Dec. 12, marking a 29.68% decrease. This trend mirrors Bitcoin’s withdrawal from exchanges but with a distinct Ethereum flavor, emphasizing a pivot towards DeFi rather than cold storage. The period from Oct.11 to Dec. 12 alone saw a 2.87% drop in ETH balances on CEXs.
Graph showing the Ethereum balance held on centralized exchanges in 2023 (Source: Glassnode)
This decline in Ethereum supply on exchanges means that only 11.81% of Ethereum’s total supply remains on centralized platforms, the lowest since July 2016. This figure was significantly hig
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