According to data shared by on-chain data aggregator Santiment, the Ethereum supply on exchanges has seen a historic plunge; such a small amount of ETH on centralized trading platforms has not been seen since 2015, when Ethereum Genesis occurred.

This happened as the Ethereum price crossed the $1,850 level for the first time in almost three months.

Ethereum surges, whales shift their ETH off exchanges en masse

A Santiment X post says that the massive withdrawal of Ethereum from exchanges occurred in light of the news of ETH surging above the $1,850 price mark for the first time since the middle of August.

The supply of Ethereum held in exchange wallets has dropped to the 8.41% mark — that is the lowest level since Ethereum Genesis in 2015. Due to that, whale transactions withdrawing ETH from centralized trading platforms went up as high as a six-month peak.

😮🐳 #Ethereum has fared well during this market-wide #crypto surge. Prices crossed $1,850 for the first time since August 15th, and the now 8.41% of $ETH supply on exchanges is the lowest since #genesis in 2015. Whale transactions also hit a 6-month high.

— Santiment (@santimentfeed) October 24, 2023

It was reported on Tuesday that several new whales had acquired an astounding amount of Ethereum — 56,070 ETH worth $98,06 million. This Ethereum chunk was purchased within less than 24 hours, according to @OnchainDataNerd crypto transactions tracker.

Ethereum price surges above $1,840

Since Sunday, the second largest cryptocurrency, Ethereum, experienced an impressive rise of 12.70%, surging from $1,638.8 to the brilliant $1,846 level. The surge was fueled by the spike of Bitcoin, which has gone up by over 15% since the start of the week on the rising hype around the much-expected Bitcoin spot ETF approval this year.

Besides, as reported by U.Today, last month, Grayscale filed an application for approval to launch an ETH futures exchange-traded fund.

The above-mentioned ETH surge was followed by a 3.11% decline. At the time of this writing, Ethereum is changing hands at $1,789.

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