ETH sitting at exchanges hits a 3-month high. More selling pressure ahead?
Today’s been a complete bloodbath in the cryptocurrency markets as the majority of coins trade deeply in the red. It appears that there might be further selling pressure for ETH, as the supply of coins sitting on exchanges is currently at a three-month high.
As CryptoPotato reported earlier today, global markets were thrown in shambles as Russia invaded Ukraine.
Vladimir Putin – the Russian president – declared a military operation, whereas the president of Ukraine – Volodymyr Zelensky, said that the former had launched a “full-scale invasion of Ukraine.”
The results weren’t late. Global markets tumbled, and cryptocurrencies weren’t left behind. Bitcoin plunged to $34K, while ETH dropped by double-digits.
Data from popular analytics provider, Glassnode reveals that ETH sitting on exchanges has reached a 3-month high.
Ethereum balance on exchanges just reached a 3-month high of 14,795,397.786 ETH.
Source: Glassnode
The previous high was made yesterday – somewhat expectedly.
In any case, at the time of this writing, ETH’s market also saw about $124 million worth of liquidations in the past 24 hours. Interestingly enough, that’s almost as much as Bitcoin’s total liquidations over the same period.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
