Ethereum Holds Low as Exchange Supply Hits Record Ahead of Fed Decision

Ethereum ($2,392) is holding its $2,361 low as exchange supply hits a record 6.06 million ETH in anticipation of the Federal Reserve's decision on interest rates.

The Senate vote to advance the Digital Asset Market Clarity Act failed, dropping Ethereum's enactment odds to 6-7% and triggering $670 million in crypto liquidations, with $572 million of them long positions.

Ethereum's structural data has never been more bullish, with exchange balances falling by 73% from their June 2020 peak of 22.9 million ETH.

However, the rate hike directly attacks the staking-yield narrative that has driven institutional demand, and Ethereum must reclaim $2,484 to open a path to $2,600, an 8.7% gain.