According to an analysis by on-chain analytics provider Glassnode, the amount of Ethereum (ETH) on exchanges has fallen to its lowest level in nearly two years.Glassnode estimates that only 13.3 million Ether are currently held on centralized exchanges. This would mark the lowest level since June 2019. This would leave centralized platforms holding ETH worth about $52.4 billion, or 11.5% of the Ethereum supply.The number of Ether on centralized exchanges has fallen 30% in 9 months since reaching a peak of 19 million ETH in September 2020.Low ETH holdings on exchanges are typically understood to be bullish for the markets, reducing supply relative to demand on popular trading platforms. Dwindling exchange balances indicate that long-term investors shift their assets to safekeeping or staking their assets to earn corresponding returns through decentralized financial protocols.Glassnode correlated the spending patterns of relatively old Bitcoin transaction issues between 6 months and 3 years and found evidence that long-term investors may have recently shifted into ETH:While this is only an empirical observation (correlation causality), the significant increase in these older BTC being re-circulated after a longer holding period supports this.glassnode.comIn the report, analysts added that on-chain activity had increased significantly for Ethereum over the past four weeks, amid Ether’s recent bullish price action. The total number of smart contract calls, uniswap transactions, and daily transactions have all seen a notable upswing since the beginning of the year.Daily transactions reached an all-time high of 1.63 million this week, up 22.5% from the previous high in December 2017.I share more intimate thoughts in a monthly newsletter that you can check out here. Please let me know in a comment, and let’s build your crypto universe via Patreon. Join me on various social media platforms:Twitter ● Instagram ● Patreon ● Facebook ● Snapchat ● LinkedIn.