#大户持仓变化 As exchanges hit new lows in ETH holdings, this time is different

Recent data worth noting: ETH holdings on exchanges have fallen to their lowest level since 2015. This may seem normal, but it actually reflects a dramatic change in market structure.

Why is this so critical? Coins on exchanges mean liquidity, active funds that can be sold at any time. When this stockpile dries up, the ammunition to dump the market also disappears. Moreover, the main actors withdrawing large amounts are not retail investors — it’s whales and institutions acting collectively. Where are they transferring $ETH? Staking, re-staking, cold wallet locking — all pointing in one direction: long-term holding.

Meanwhile, the traditional financial sector is also feeling the tremors: US banks announced that from 2026, their wealth advisory teams can directly recommend Bitcoin and Ethereum ETFs to high-net-worth clients. What does this mean? The compliance channels on Wall Street are officially open, and institutional funds that have been waiting now have a legitimate entry.

Looking at these two trends together:

**On-chain level**: The coins available for sale are decreasing, liquidity is tightening.
**Financial level**: The institutional buyers waiting to enter are increasing.

This is classic supply tightening combined with demand explosion. When scarcity meets purchasing power, how the market reacts will be written in history.