Ethereum Supply on Exchanges Hits Multi-Year Low Amid Institutional Demand
The supply of Ethereum (ETH) on all cryptocurrency exchanges has fallen to its lowest level in multiple years, according to data from CryptoQuant. As of September 8, 2026, approximately 14,882,226.7 ETH is held by exchanges, down from around 21,301,177.2 ETH in July 2025. This decline represents about 6,418,950.5 ETH withdrawn from all crypto exchanges over the past 14 months.
Notably, the reserves of Ethereum on Binance have dropped to approximately 3.74 million ETH, marking a three-month low. The decline in exchange reserves coincides with renewed institutional demand for Ethereum, as spot ETH exchange-traded funds (ETFs) have recorded roughly $2.345 billion in net cash inflow since July 1.
According to crypto analyst Ali Martinez, the supply squeeze could drive the price of Ethereum higher. Martinez pointed out that ETH's UTXO Realized Price Distribution (URPD), an on-chain metric, shows a strong support level around $2,475 and a resistance level near $2,723. If this level holds, the path toward $2,722 remains relatively clear.