Ethereum, Bancor, and Kyber Network all Continue to Quietly See Their Supplies Moving Off Exchanges
Though the ratio of a crypto asset's supply on exchanges may not seem to have an immediate impact on prices, the long-term correlations between coins moving away from exchanges while prices move up, is quite evident.
Let's take a look at three ERC-20 assets that are showing this pattern as a volatile week in crypto full of price retracements is coming to an end:
Crypto's #2 market cap asset has seen quite the pullback since its retrace from above $2k last week. However, ETH's supply isn't budging away from offline wallets.
Bancor's supply moving away from exchanges had a lot to do with its ability to hit a 2-year high $6.17 last week. BNT supply is now 71.7% below its one-year average.
KNC's supply has jumped to 39.2% after being as low as 36.1% on January 31st. On the long-term scale, the amount of tokens is still 17% lower than its one-year average.