Ethereum keeps getting pulled off centralized exchanges! 🔹 Exchange reserves: ~23.6M ETH (early 2023) to ~16.2M ETH now 🔹 That is ~−7.4M ETH, roughly −31% of liquid centralized exchange (CEX) supply 🔹 The latest leg down appears driven by whale accumulation, most likely driven by Bitmine
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Ethereum supply stayed net negative over the last 7 days. 🔹 New ETH issued: 30,000 🔹 ETH bought by spot ETFs: 67,100 🔹 ETH burned via fees: 11,700 🔹 Net supply change: −49,800 ETH About 2.7x more ETH was removed from circulation than issued. Demand continues to structurally overpower issuance. So why is price not moving yet? 🔹 Most demand is passive, not price chasing. Absorption first, breakout later. 🔹 Large holders still distribute into rallies, capping short term moves. 🔹 Derivatives set the marginal price, not spot flows. 🔹 Negative supply tightens the floor before it lifts the ceiling. This is how bases form. Supply breaks first. Price follows.
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Despite the negative sentiment and the FUD around crypto treasury companies, ETH held by ETFs and treasuries is pushing toward new all time highs. Mainly driven by Bitmine over the last couple of weeks.
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