Ethereum (ETH) Being Held in Self Custody at Highest Level in History, According to Analytics Firm Santiment
A leading crypto analytics firm is finding that traders are HODLing Ethereum (ETH) in self-custody at record rates.
Santiment reports that traders are holding ETH in self-custody away from exchanges at the highest level since the token launched eight months ago, which the firm says “indicates confidence from HODLers.”
“Ethereum is now being held in self-custody and away from exchanges at the highest level since the week the token was introduced nearly 8 years ago. This essential all-time low ratio of ETH on exchanges (10.31%) indicates confidence from hodlers.”
Ethereum is trading at $1,776 at time of writing. The second-ranked crypto asset by market cap is up 3.3% in the past 24 hours.
Santiment also reports that XRP‘s social dominance hit its highest level since early November following a price surge on Sunday and Monday.
“XRP Network’s social dominance is at its highest point in a year following the surge above $0.49 for the first time since Nov. 6. Added XRP crowd recognition means more volatile price swings caused by increased volume & mainstream interest.”
XRP is trading at $0.46 at time of writing. The sixth-ranked crypto asset by market cap is up more than 19.5% in the past 24 hours.
Additionally, Santiment notes that the cross-chain token trading platform Stargate Finance V1 (STG) saw its network growth on Ethereum scaling solution Arbitrum (ARB) surge to an all-time high on Sunday.
“Stargate’s network growth on Arbitrum managed to hit an all-time high yesterday despite its -51% price retrace since its Feb 18th top. Our latest insight discusses the Stargate DAO active voting as a likely contributor, and its high risk/reward nature.”
Stargate’s jump in network growth on Arbitrum happened despite its recent price woes. The 277th-ranked crypto asset by market cap has plunged by nearly 50% since mid-February and is trading at $0.63 at time of writing.
Top US crypto exchange Coinbase delisted the asset earlier this month, saying it failed to live up to its listing standards.
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