Ethereum Exchange Supply Dives as On-Chain Momentum Shifts Bullish

Ethereum's exchange supply has fallen to its lowest level in years, reaching approximately 15.5 million coins, according to Glassnode data.

This decline represents a decrease of about 38% from the peak of 25.2 million coins reached in May 2023. The majority of this drawdown occurred after June 2025, when balances were still at around 21.5 million coins.

However, it's essential to note that exchange supply alone has proven to be a weak timing tool. From September 2025 through June 2026, Ethereum's exchange balances decreased steadily while the price slid from about $4,850 to roughly $1,550.

The real significance of this trend may have arrived with Ethereum's Market Value to Realized Value (MVRV) ratio crossing above its 160-day moving average in late August. This crossover ended a nine-month negative momentum phase that started in November 2025.