@dreamcircuit

ETH is getting pulled off exchanges fast. Exchange-held ETH is down to ~8.7% of supply the lowest level since 2015. Since July it’s reportedly dropped ~43%, lining up with the period when bigger players started accumulating. Quick contrast: ETH on exchanges ~8.7% vs BTC ~14.7%. The vibe here is “moving to places that don’t sell”: staking/restaking, L2 usage, institutional treasuries, cold storage, and DeFi collateral. If demand shows up while liquid supply keeps shrinking, price tends to react sooner than people expect.

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