TL;DR
Exchange balances fall from 27M ETH peak to negative, showing historic withdrawals and tightened liquid supply.
Ethereum trades at $4,390, down 3% weekly, but outflows suggest long-term accumulation by holders.
ETFs add demand alongside exchange withdrawals, with analysts projecting ETH could target $10,000 next cycle.
Exchange Balances Turn Negative
Ethereum’s exchange flux balance has slipped into negative territory for the first time on record, according to analyst Cas Abbé. The data shows that outflows from exchanges now exceed inflows, marking a shift in how ETH is being held. Abbé said,
“This isn’t noise, it’s billions in ETH being pulled off exchanges.”
Meanwhile, the move reflects shrinking liquid supply, as tokens are transferred into self-custody or cold storage. Abbé added,
“ETH isn’t being positioned to sell, it’s being positioned to hold.”
Balances on exchanges have been falling since late 2020. Even during sharp swings in price, the overal
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