Only 8.1% of Bitcoin is held on exchanges compared to Ether, one-quarter of which sits on exchanges.

Almost one-quarter of Ether’s (ETH) circulating supply is held on cryptocurrency exchanges, according to analytics platform ViewBase.

The website shows that 26,768,260 ETH is on exchanges, equating to 23.6% with a value of $10.3 billion. 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 (BTC) 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.

Glassnode also shows bullish signals for Bitcoin with the daily number of new addresses for Bitcoin approximately 480,000 — six times that of Ether, which has less than 80,000 new addresses created each day.

Also worth noting is that the seven-day moving average of exchange net flow volume for both Bitcoin and Ether have been negative since early August. The net flow volume is the number of coins sent to exchanges minus the amount removed. This suggests that while Ether has a high percentage of coins held on exchanges compared to other coins, the overall sentiment is moving toward 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 (14.7%) and almost 2.6 million BTC (14%) on exchanges.