Ether (ETH) reserves on centralized exchanges have plummeted to their lowest levels in over nine years, reflecting a sustained trend of investors shifting towards self-custody.
Data from CryptoRank and Santiment indicates that the total ETH held in exchange wallets has dropped to 8.97 million tokens, marking its lowest point since November 2015.
As more ETH moves off exchanges, the resulting supply reduction could contribute to upward price pressure by decreasing liquidity in the open market.
“More investors are withdrawing ETH from exchanges and securing it in cold storage, limiting its availability for trading. A similar trend was observed with BTC earlier this year when exchange reserves hit a seven-year low, leading to a strong price rally,” CryptoRank noted.
Bitcoin’s exchange supply hit a seven-year low on January 13, after which its price surged from approximately $90K to over $109K within days.
