Ethereum Supply Tightens as Key Exchanges See Outflows Worth Over $1 Billion

Ethereum reserves on major exchanges are shifting as some platforms see significant outflows. According to CryptoQuant analyst Amr Taha, Gemini and Bitfinex have lost substantial amounts of Ethereum.

Gemini's Ethereum reserve has dropped from 573,000 units on April 23 to its lowest level since March 2024 at 384,400 units on July 24. This represents a loss of about 188,600 units or 32.9%. Bitfinex has also seen a decline, with its Ethereum reserve dropping by roughly 470,000 units or 17.3% from 2.71 million units on May 11 to 2.24 million units.

In contrast, Binance's Ethereum reserves have remained relatively stable at around 3.8 million units during the same period. The combined loss of Gemini and Bitfinex amounts to about 658,600 fewer Ethereum units, worth approximately $1.24 billion at the current price of $1,880.

Taha notes that falling exchange balances reduce the amount of Ethereum available for trading, but do not necessarily indicate investor intent or predict future price direction.