[Bitpush] Recently, while digging into Glassnode data, I found something quite interesting—ETH reserves on centralized exchanges have dropped to 8.8%, basically the lowest level since 2015.
What's even more dramatic is that, from early July until now, ETH on exchanges has evaporated by 43%. This timing coincides perfectly with the start of the digital asset treasury (DAT) frenzy of buying. For comparison, BTC's share on exchanges is still at 14.7%, which is noticeably "richer" than ETH.
So where did all this ETH go? The answer is pretty obvious: staking, restaking, Layer 2 activity, DAT purchases, collateral loops, long-term custody... all scenarios where it's not easy to sell. In other words, freely circulating ETH on the market is quietly decreasing.
Right now, market sentiment is pretty bad, but sentiment is just sentiment—supply is the hard truth. ETH supply is