Recently, I've noticed a rather interesting data change.

Ethereum balances on major exchanges have hit a historic low, currently at only 8.84%. For reference, at the beginning of this year, that number was close to 16%. If we look at Bitcoin, the current exchange balance is still at the 14.8% level.

What does this mean? More and more ETH is flowing out of exchanges, being transferred to cold wallets or used for staking. Although the market is indeed a bit quiet right now, it's precisely this tightening on the supply side that could enable Ethereum to show even stronger explosive power when the next bull run starts.

After all, when tokens are locked up, the potential for price increases is even greater once capital flows back in.