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

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

This represents a decline of about 38% from the May 2023 peak near 25.2 million coins and the majority of the drawdown occurred after June 2025 when balances were still close to 21.5 million.

The trend alone has proven to be a weak timing tool, as exchange balances fell steadily from September 2025 through June 2026 while ETH slid from about $4,850 to roughly $1,550.

However, Ethereum's Market Value to Realized Value (MVRV) ratio has turned positive for the first time since November 2025, with a reading of near 1.05, above its 160-day moving average at roughly 0.88.