Ethereum News: Record Low Reserves Signal Potential Supply Crunch Amid Whale Accumulation

Ethereum’s (ETH) future looks promising as its exchange reserves hit record lows, indicating a potential supply crunch. Large investors, also known as whales, have increased their accumulation of ETH, signaling a long-term rebound in the cryptocurrency’s price.

Ethereum Reserves Hit Record Lows—Supply Crunch Brews Amid Whale Accumulation

Ethereum (ETH) exchange reserves have dropped to their lowest levels in nearly a decade, indicating a potential supply crunch. Large investors have increased their accumulation of ETH, betting on a long-term rebound. According to data from CryptoRank and Santiment, the amount of ETH held on centralized exchanges has plunged to 8.97 million tokens, the lowest since November 2015. CryptoQuant data also shows a continued drop in the Ethereum Exchange Reserve metric, suggesting investors are moving ETH to self-custody, which may reduce sell pressure.

Ethereum Market Cap at $252B Despite 57% Drop

Ethereum (CRYPTO:ETH) remains one of the most valuable digital assets, holding a market capitalisation of approximately $252 billion despite trading 57% below its all-time high. Despite this, Ethereum’s valuation still surpasses that of major corporations such as Toyota, which has a market cap of $250 billion, and the global platinum market, valued at approximately $245 billion. “Ethereum is about the future, about new financial technologies and solutions,” said Alex Obchakevich, founder of Obchakevich Research. He noted that Ethereum’s appeal to younger investors differentiates it from traditional assets. However, some experts caution against comparing Ethereum’s value directly to major corporations.

Ethereum Faces ’Midlife Crisis,’ Struggles to Hold Value

Standard Chartered analysts say Ethereum is going through a “midlife crisis,” struggling to hold around $2,000. The world’s second-largest cryptocurrency by market capitalization has dropped 40% in the past three months. According to the head of digital assets research at Standard Chartered, Geoff Kendrick, Ethereum has “essentially commoditized itself” by shifting value to layer-2 networks, which has contributed to its price struggles.

OpenSea and YOAKE Launch ‘The Seven Deadly Sins’ Anime NFTs on Soneium

OpenSea and YOAKE are launching an NFT collection based on the anime series ‘The Seven Deadly Sins’ exclusively on the OpenSea marketplace. The collection is available on the Soneium blockchain, and users can mint the NFTs starting from March 25 at 5:00 AM GMT. Each NFT is priced at 0.002 ETH (~$4.12) and can be minted on Sony’s Layer 2 blockchain, Soneium. Users have up to 72 hours to mint an unlimited amount of the NFTs. YOAKE promotes itself as a fan engagement protocol that fuses Japanese pop culture with blockchain technology.