the lowest levels since 2016, signaling a decrease in selling pressure.
The current state of Ethereum (ETH) reflects a significant shift in exchange supply behavior, as indicated by the exchange supply ratio (ESR) across all platforms. The data clearly points to a continuing decline in the percentage of ETH held on exchanges, which is an important factor for understanding the current balance between supply and demand.
On all ESR platforms, it has decreased to approximately 0.137, which is one of the lowest levels since 2016. This decline reflects the increasing outflow of ETH from exchanges to external wallets, indicating a reduced appetite for immediate selling and a growing preference for long-term investments. Historically, such behavior often manifests during periods of reaccumulation or on the eve of more stable price movements after periods of volatility.
On the Binance platform, ESR has decreased to approximately 0.0325, which is relatively low compared to previous months. This indicates that Binance, as the largest exchange by liquidity, is facing a clear outflow of ETH from its wallets, reducing the supply available for immediate sale on the spot market. This dynamic reflects increased caution among traders and a decrease in short-term selling pressure. Meanwhile, Ethereum is trading near $2,960, which is an average level indicating a relative balance between supply and demand. The reduction in supply on exchanges, along with price stability, suggests that the market is not experiencing strong selling pressure, but rather entering a phase of liquidity absorption and redistribution.
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