The exchange supply rate (ESR) of Ethereum has fallen to its lowest level this year, indicating that fewer coins are held on centralized exchanges. At the time of writing this article, the metric stands at 0.14, constantly decreasing since July 20, according to CryptoQuant.

The ESR measures the proportion of ETH in circulation on centralized exchanges. A higher ESR indicates that there is more ETH on the exchanges, which increases the risk of short-term selling pressure.