Ethereum Exchange Supply Hits Multi-Year Low as MVRV Momentum Turns Bullish
The Ethereum exchange supply has fallen to its lowest level in years, reaching approximately 15.5 million coins. This decline marks a drop of around 38% from the peak of 25.2 million ETH seen in May 2023.
A significant portion of this drawdown occurred after June 2025, when exchange balances were still at around 21.5 million ETH. However, it's essential to note that exchange balances have been steadily decreasing since September 2025, coinciding with a price decline from about $4,850 to roughly $1,550.
The trend of shrinking supply has proven to be more of a condition rather than a reliable signal. It removes sellable float without indicating a direction for the market.
However, the Ethereum Market Value to Realized Value (MVRV) ratio has now crossed above its 160-day moving average at around 0.88. This shift is historically associated with durable regime changes rather than brief whipsaws. The crossover occurred in late August and ended a nine-month period of negative momentum.