Ethereum exchange holdings drop to the lowest level since 2015, potentially triggering supply tightening

According to Cointelegraph, the proportion of Ether held by centralized exchanges dropped to 8.7% last Thursday, setting a new record low. Glassnode data shows that since the beginning of July, the ETH supply on exchanges has decreased by 43%, primarily flowing into staking, re-staking, Layer 2, corporate treasuries, and long-term custody, which are less liquid channels.

Analysts point out that while Bitcoin's exchange holdings still stand at 14.7%, Ether is entering the most constrained supply environment in history, which could trigger upward price momentum.