Ethereum Exchange Supply Falls to 15.5M ETH as On-Chain Momentum Turns Bullish

Ethereum (ETH) exchange supply has fallen to roughly 15.5 million coins, the lowest reading in years. Meanwhile, MVRV momentum turned positive in late August.

ETH trades near $2,464 after a 0.87% decline over 24 hours. The token holds above the 0.618 Fibonacci retracement at $2,438.85, a level that capped rallies from March through May.

Ethereum Exchange Supply Drops to a Multi-Year Low

Glassnode data shows total ETH held across all exchanges at roughly 15.5 million coins. That marks a decline of about 38% from the May 2023 peak near 25.2 million. Most of the drawdown arrived after June 2025, when balances still sat close to 21.5 million.

However, the trend alone has proved a weak timing tool. Exchange balances fell steadily from September 2025 through June 2026. Over that same window, ETH slid from about $4,850 to roughly $1,550.

Shrinking supply, therefore, looks like a condition rather than a signal. It removes sellable float without setting a direction.

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