ETH Exchange Supply Hits Multi-Year Low as MVRV Ratio Turns Bullish

Ethereum's exchange supply has fallen to a multi-year low of around 15.5 million coins, according to Glassnode data.

This represents a decline of about 38% from the peak in May 2023, when balances sat at approximately 25.2 million.

The trend of declining exchange balances has been ongoing since September 2025, during which time Ethereum's price slid from around $4,850 to roughly $1,550.

However, this trend alone is not a reliable signal for future price movements, as it merely indicates the removal of sellable float without providing direction.

But now, there may be some hope for Ethereum's bulls. The token's Market Value to Realized Value (MVRV) ratio has crossed above its 160-day moving average at around 0.88, a level that had been below it since November 2025.