$ETH SUPPLY ALERT $AXS

Ethereum held on exchanges has dropped to levels we haven’t seen since 2016 nearly a decade ago. $ZIL

Considering how massive the Ethereum ecosystem is now, that’s pretty surprising.

Unlike Bitcoin, which has recently seen coins flow back onto exchanges, ETH is quietly leaving. Most of this ETH isn’t lost it’s just in investors’ hands, off the market.

OTC activity has ticked up slightly, but it’s still tiny compared to the total ETH supply. If exchange balances remain this low and OTC liquidity dries up further, price discovery won’t happen gradually it could spike suddenly.

When buying pressure hits, there might not be much ETH available to satisfy it. 👀