#eth Ethereum exchange supply drops to 10-year low amid strong whale accumulation — is $3000 ETH price incoming?Ethereum’s supply on centralized exchanges has dropped to its lowest level in over 10 years, as large holders and institutions continue to accumulate the asset. 

According to a May 19 update by Santiment, less than 4.9% of Ethereum’s eth8.08%Ethereum total supply is now held on exchanges, a record low in the network’s 10+ year history. Santiment noted that over the last five years, 15.3 million ETH have been withdrawn from centralized trading platforms.

More recently, CryptoRank.io reported on May 18 that over 1 million ETH have been withdrawn from exchanges in the past month alone. The platform noted that “users are increasingly choosing to accumulate Ethereum rather than trade it,” pointing to long-term confidence in the asset.

On-chain data shows that Ethereum whales, wallets holding over 10,000 ETH, have added more than 450,000 ETH since late April. By May 10, these large holders owned 40.75 million ETH, the highest level since March, as tracked by Santiment.