The vast majority of eth transfers are unrelated to the movement in and out of exchanges according to our analysis of data provided by Santiment.
Around two million eth moves every day on average. Sometimes it is more, sometimes less, but roughly 2% of all eth are moved every day.
A spike was seen recently to 3.5 million this Tuesday on August 14th, coinciding with a recent low of $250 per eth.
Likewise, a spike was seen in the difference between the amount of eth sent to exchanges and the amount withdrawn from exchanges.
That shows around 100,000 more eth has been sent to exchanges than withdrawn, with it standing at circa 120,000 eth for Tuesday.
The highest such difference, by comparison, is in March when some 600,000 more eth were sent to exchanges than withdrawn.
Rather than just the difference, however, we can see exactly how much is sent and how much is withdrawn based on Santiment gathered blockchain data.
As can be seen, for today some 450,000 has been sent and withdrawn from exchanges, while in total some 1.34 million eth has been transferred.
That’s a lot less eth transfers than in January when it reached 26 million, with the highest for the year being on August 30th 2017 when 36 million eth was on the move.
For yesterday, however, just 3.6 million eth moved, with 1.3 million of it sent to exchanges or withdrawn from exchanges, giving again around 30%-35%.
That percentage can vary. We did not calculate an exact average, but on the surface it looks like just 30% of eth movements are related to trading in and out of exchanges.
This data is partially manual, and partially automatic, with the manual part being the exchanges tracked for the stats. Valentin Mihov, CTO of Santiment, told Trustnodes in an interview yesterday:
“Today we added a new list of ~100 new exchange addresses and we will update this stat, but most probably it won’t change much.
We track the biggest ones right now: Binance, Kraken, Poloniex, Bitfinex, etc. Our total list is around 140 wallets, but we don’t give out the list at the moment, as it took quite a bit of effort to collect it. It is much bigger than the wallets marked on etherscan.”
Some 140 addresses sounds like it would account for much of the exchange activity, but a more reasonable estimate for all exchanges would probably be around 40% of eth transfers.
That suggests the vast majority of eth transfers are unrelated to speculative use, but are instead sent to dapps, perhaps moved between wallets, or maybe to buy things from merchants that have integrated Coinbase Commerce.