Glassnode data reveals that the proportion of ETH held on centralized exchanges has dropped to just 8.8%, the lowest level since Ethereum launched in 2015. Since July alone, exchange balances have fallen by 43%.
So, where has the money gone?
Staking, restaking, Layer-2 networks, Digital Asset Treasury (DAT), and long-term custody—places where selling pressure is minimal. Analysts describe this as an “unprecedented supply tightening” environment, suggesting that once strong buying returns, ETH’s price elasticity could be significant.
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ETH
3,127.11
-0.42%
