Ethereum exchange balances are now back to mid-2016 levels - almost a decade ago. $ZIL
That’s wild when you think about how much bigger the ecosystem is today.
While Bitcoin has seen coins move back onto exchanges recently, ETH has quietly been leaving. Most of this ETH isn’t lost or abandoned - it’s investor-owned and simply not sitting on the sell side.
OTC supply has increased a bit, but it’s still small compared to total ETH supply. If exchange balances stay this tight and OTC liquidity dries up too, price discovery doesn’t happen smoothly - it happens fast.
When demand shows up, there may not be much ETH left to meet it. 👀