Ethereum (ETH) price to new record while exchange reserves are declining, what does this mean?

While ethereum (ETH) hit a new all-time high (ATH) of $ 3,263 today, ETH inflows to exchanges actually declined. That is what crypto journalist Colin Wu stated in a recent tweet. Other good news about ethereum is that Nasdaq-listed company Mogo has bought ethereum.Ethereum reserves from exchange continue to decline

The ethereum price has thus risen to new heights after the price broke the $ 3,000 price. A nice icing on the cake after ETH has been able to take it one step further in recent days. Colin Wu, better known as Wu Blockchain on Twitter, says on Twitter that he has noticed something.

Ethereum broke through $ 3,000, and Eth’s (311%) rise this year is nearly 3x that of Bitcoin (106%). Glassnode shows that the ETH that entered the stock market in 24 hours fell by 44.2%. ”

Despite the historically high ETH price, fewer and fewer people seem to want to sell their ether. A bullish sign as this basically means that the supply in the market is shrinking while demand is rising. This is one of the drivers that Ethereum is now rising in price.Mogo also buys ETH after bitcoin (BTC)

Then there was some other bullish news for ethereum. Nasdaq-listed fintech company Mogo has bought 146 ethereum. The company plans to eventually hold 5% of its cash reserves in crypto.

Previously, Mogo already bought 18 bitcoins (BTC) at an average price of $ 33,000. So now it also owns another 146 ETH which it bought for an average price of $ 2,780. That investment is already paying off with ethereum above $ 3,000!

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