ETH balances on major exchanges fall 18% since June, easing sell pressure

According to data from on-chain analytics platform Santiment, ETH balances on major centralized exchanges have fallen by about 1.4 million, or roughly 18%, to around 6.28 million from about 7.69 million since June 3. Santiment’s data showed an additional 275,000 ETH left exchanges since Aug. 19 alone, pushing exchange holdings to their lowest level in the period measured. Over the same period, BTC balances on exchanges rose about 0.25%. Crypto moved off exchanges to external wallets such as private wallets is generally seen as a sign holders have no near-term intention to sell, suggesting selling pressure in the market is easing.