Bitcoin And Ethereum Mining Wallets See Declining Supply, While ETH Flows To Exchanges Surge

Since the first half of 2024, Bitcoin and Ethereum mining wallets have experienced a steady decline in their held supply, signaling a period of caution among miners.

However, the latest mild rebound in the market may suggest a reversal of this trend. A significant increase in the combined supplies held by mining wallets could be a key indicator that a new bull run is on the horizon.

⛏️ Bitcoin and Ethereum mining wallets have seen declining supply held since the first half of 2024. With this latest mild rebound, look for a jump in their combined supplies as a strong signal the next bull run is approaching. pic.twitter.com/IDeKUmnQIw

— Santiment (@santimentfeed) September 13, 2024

In the past 24 hours, 112,000 $ETH—valued at approximately $257.6 million—were sent to cryptocurrency exchanges. This notable movement of Ethereum signals increased selling pressure, as large holders potentially look to capitalize on the recent price recovery.

112,000 $ETH were sent to crypto exchanges in the past 24 hours, worth around $257.6 million. pic.twitter.com/35Bg1mSWax

— Ali (@ali_charts) September 13, 2024

Meanwhile, @coinbase’s newly launched cbBTC has reached a $100 million market cap on its first day of trading. This impressive milestone highlights the growing demand for tokenized Bitcoin on the Base and Ethereum networks. Notably, 43% of the cbBTC supply is held on Base, with the remaining 57% circulating on Ethereum.

.@coinbase cbBTC has reached $100M market cap on day 1 (43% of the supply is on Base and 57% on Ethereum) pic.twitter.com/5w8T7x2W7o

— Tom Wan (@tomwanhh) September 12, 2024

On the institutional front, Ethereum spot ETFs have seen significant outflows. On September 12, the total net outflow from Ethereum spot ETFs was $20.1396 million, with Grayscale’s ETF ETHE accounting for the entirety of this movement. This single-day net outflow adds to ETHE’s historical net outflow, which now totals $2.714 billion. This ongoing trend could indicate a shift in investor sentiment towards Ethereum, as large-scale outflows from institutional products often suggest decreasing confidence or reallocation of funds.

On September 12, the total net outflow of Ethereum spot ETF was $20.1396 million. Grayscale ETF ETHE had a single-day net outflow of $20.1396 million, and the current historical net outflow of ETHE is $2.714 billion. https://t.co/Tvs2oCSxTg

— Wu Blockchain (@WuBlockchain) September 13, 2024

As the market watches these developments unfold, the movement of funds from mining wallets and institutional products will likely play a crucial role in shaping the next phase of Bitcoin and Ethereum’s market trajectory.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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