O saldo de ETH nas exchanges caiu para um mínimo histórico de 8,8%. O que pode significar este aperto na oferta?

[Bitpush] Recent dives into Glassnode data revealed a rather interesting phenomenon—the ETH reserves on centralised exchanges have dropped to 8.8%, basically the lowest since 2015.

Even more striking, from early July until now, ETH on exchanges has evaporated by 43%. The timing coincides exactly with the start of the digital asset treasury (DAT) aggressively accumulating ETH. In comparison, BTC’s share on exchanges is still 14.7%, noticeably “wealthier” than ETH.

Where did all this ETH go? The answer is actually pretty obvious: staking, restaking, Layer2 activity, DAT purchases, collateral cycles, long-term custody… all scenarios where ETH isn’t easily sold. In other words, the amount of freely circulating ETH is quietly shrinking.

Market sentiment is admittedly poor right now, but sentiment is just sentiment—supply is what matters. ETH’s supply is tightening behind the scenes, and the market is gearing up for something big. Once this supply-demand gap can no longer be contained, prices are likely to react.