Interestingly, while this is playing out, data from on-chain analytics platform CryptoQuant shows that whale wallets have steadily absorbed ETH supply throughout July to effectively push the supply on crypto exchanges to its lowest point in nine years.
Many technical and on-chain fundamentals are currently lining up for Ethereum, but perhaps the most notable development is the decline in Ethereum’s exchange reserves. On-chain data shows that ETH held on centralized trading platforms has dropped to levels not seen since 2016, which makes it a new nine-year low. This decline in reserves is significant because it relays a reduction in sell-side pressure on top of the demand Ethereum is currently witnessing.
As shown in the chart image below, the total Ethereum reserve on exchanges has been on a free fall since the beginning of 2025. At the time of writing, the total Ethereum reserve on crypto exchanges is at 18.7 million ETH, which is just about 15.5% of the total ETH circulating supply.
