ETH Exchange Balances Hit Multi-Year Low of 8.4% as Outflows Surge

⬤ Ethereum is flowing off centralized exchanges faster than ever before in this market cycle. Recent data from Glassnode shows that by December 21, 2025, just 8.4% of total ETH supply sat on exchanges—down from much higher levels earlier in the cycle—even as ETH traded around $3,000.

⬤ What’s striking is how steady this downward trend has been, especially compared to ETH’s wild price swings. While the token has gone through multiple rallies and selloffs, the percentage of supply on exchanges just keeps dropping.

⬤ The data doesn’t spell out exactly why people are pulling ETH off exchanges, but the pattern is clear and consistent. This isn’t just a blip—it’s been happening steadily regardless of what the price does, suggesting something fundamental has shifted in how people hold and use Ethereum.

⬤ Exchange balances matter because they show how much ETH is actually available for trading and give clues about market sentiment. When less supply sits on exchanges, it often signals that more holders are thinking long-term rather than looking to trade actively.