Ethereum is getting harder to buy.
Exchange reserves have dropped to their lowest level ever, while ETFs and long-term holders continue pulling ETH off the market. A major supply shift is happening behind the scenes.
โ ETH on exchanges has fallen to just 14.5M ETH, an all-time low
โ Over 6M ETH has been withdrawn from exchanges since late 2023
โ Spot ETH ETFs are steadily accumulating supply
โ Corporate treasuries are beginning to add ETH exposure
โ More ETH is being moved into staking and long-term storage
โ Less liquid supply can amplify price moves when demand increases
The biggest rallies often begin when supply dries up before the crowd notices.
Ethereum's supply is shrinking. The next question is whether demand is about to catch up.
Aave's annualized fees have now almost surpassed $AAVE market cap.
Aave annualized fees: $945 million
AAVE market cap: $980 million
Insane to see this.