Ethereum Breaks 2015 Record Despite Price Drop !

The second-largest cryptocurrency, Ethereum, experienced a drop today, falling to $1,740. However, exchange outflows reached a record high.

Popular cryptocurrency Ethereum saw a decline today, dropping to $1,740. Since then, it has been attempting to recover its losses. Meanwhile, data analytics platform Santiment shared new data about ETH. Despite the drop in Ethereum's price, the amount of ETH on exchanges has dropped to levels last seen in 2015. This has led to off-exchange ETH holdings reaching an all-time high.

"Ethereum dropped to $1,740 today, and we observed a continued decrease in currency supply. The percentage of ETH on exchanges is at its lowest level since 2015 (10.1%), which is also a record for off-exchange holdings."

According to recent tweets from on-chain data collector Santiment, retail investors continue to move their ETH from centralized exchanges, despite its recent drop to $1,740. As per CoinMarketCap data, at the time of writing, ETH is trading at $1,771 with a 1.70% loss in the past 24 hours.

Off-exchange Ethereum holdings have reached an all-time high.

Santiment revealed that the percentage of Ethereum held on exchange addresses has reached 10.1%. This is the lowest level ever recorded for exchanges and a historic peak for off-exchange wallets. The last time this occurred was in 2015 when Ethereum began trading a year after its ICO. It also indicates that investors are moving their ETH to cold wallets, possibly indicating a shift towards the Ethereum 2.0 staking contract on the Beacon Chain.

As previously reported, on May 9th, the amount of staked ETH reached an all-time high of 19,375,242 ETH. Following this, Binance CEO CZ tweeted about the rise, implying that a price increase might follow. However, ETH subsequently dropped by approximately 5% along with the market. Ethereum's price decline followed Bitcoin's lead. Since Thursday, Bitcoin has dropped by 4% and lost around $1,000 in value over the past 24 hours. The decline has been ongoing since May 10th, with BTC experiencing a 6.71% loss after briefly reclaiming $28,000.