Ethereum exchange reserves hit 2016 low – As Bitmine adds another $11.22M ETH

Ethereum [ETH] exchange reserves dropped to their lowest levels since 2016, raising hopes of a supply-driven recovery despite the prevailing market weakness. According to CryptoQuant Community insights, the total ETH exchange reserves declined to roughly 14.5 million ETH on November 2. This decline reportedly marked a 58.6% reduction from the 2020 peak of 35 million ETH. Over that period, the exchanges have in fact lost around 20.5 million ETH from their cumulative balances.