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He found that in 2017 exchanges saw 44% lesser Ethereum balances, and users withdrew ETH to personal wallets.

This time around, exchanges have witnessed a 25% reduction in supply.

Moreover, the total ETH supply is 38% more than the last time, representing larger overall supply-side liquidity. .

A total of 18 million ETH (15% of the total supply) is locked up altogether.

A wide short-term supply band indicates that buyers are hyperactive, which has happened near the market top twice before.“36% of supply was active within the last 180 days, still well below the peak of about 50% during January 2018,” wrote Coinmetrics‘ Nate Maddrey

Besides this trend, a large amount of Bitcoin left exchanges in the last two days as BTC dropped below $59,000

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