#大户持仓动态 Ethereum's on-exchange supply hits a record low—this signal is no coincidence.

Tracing the data clues, this is the most tense moment since ETH's inception in 2015. What does this reflect? Market liquidity is tightening. A large amount of $ETH is being withdrawn from exchanges by institutions and whales, flowing into staking protocols, re-staking platforms, or long-term self-custody wallets. In other words, the "liquid supply" that can be dumped at any time is rapidly depleting.

At the same time, traditional finance is also undergoing changes. A major US bank announced that starting in 2026, its wealth management team will be allowed to directly recommend Bitcoin and Ethereum ETF products to high-net-worth clients. What does this mean? Trillions of traditional funds are finally finding compliant channels to enter.

The supply and demand landscape has changed:

**Supply side** — ETH holdings on exchanges have reached historic lows, and the tradable circulating supply is shrinking.

**Demand side** — Global financial institutions are opening high-speed channels, preparing to absorb massive traditional capital.

As the circulating coins become scarcer and more buyers are waiting to enter, what will happen next? This classic supply and demand imbalance equation is now in front of us.