Nearly 24% of Ether held on exchanges

Almost one-quarter of Ethereum's circulating supply is held on cryptocurrency exchanges, according to analytics platform ViewBase.

Almost 26 million of these tokens are held by 10 centralized exchanges, with Coinbase alone sitting on 8,521,807 ETH - 7.5% of the supply.

Ether is miles ahead of Bitcoin in terms of the percentage of tokens held on exchanges.

Bitcoin has 8.1% of its circulating supply held on exchanges.

Earlier this month, Cryptocurrency statistician Willy Woo said he believes that when the number of coins held on exchanges drop, "It's a sign that new buyers are coming in to scoop the coins off the markets and moving them into cold storage." As such, the relatively low share of BTC held on exchanges is "Macro bullish" according to Woo.

According to crypto data aggregator Glassnode, the number of Bitcoin held on exchanges has been reducing significantly for almost the entire year, falling from the all-time high of 2.97 million BTC in February to below 2.6 million yesterday.

The net flow volume is the number of coins sent to exchanges minus the amount removed.

This suggests that whi Ether has a high percentage of coins held on exchanges compared to other coins, the overall sentiment is moving towards a bullish trend in the last few months.

Glassnode does not reflect the same percentage of coins held on exchanges as ViewBase.

According to Glassnode, there are less than 16.6 million ETH and almost 2.6 million BTC on exchanges.