According to #Ethereum Exchange Flux Balance data from Alphractal, the Exchange Flux Balance index has officially dropped to negative levels (-3.47M). This confirms a structural shift:

- Record Exchange Withdrawals: The total amount of $ETH withdrawn from exchanges in history is now greater than the total amount deposited.

- Supply Lock-up: Approximately 83% of the circulating $ETH is currently locked in Staking protocols. The withdrawal of $ETH into cold wallets or Staking has eliminated direct selling pressure on exchanges.

Unlike previous cycles, May 2026 marks significant participation from investment funds:

- Funds such as #BitMine have accumulated over 1 million ETH since the beginning of 2026, bringing their total holdings to over 5 million $ETH.

- In April 2026 alone, #Ethereum ETFs recorded a net inflow of $356 million.

This milestone confirms that Ethereum has entered a phase of technical scarcity, but future price strength will depend entirely on whether Demand can outweigh Supply.