BTC / ETH on Exchanges = New Lows

= Old Players HODLing + New Paradigm Rising——

As of May 21, 2025, the stock ratio of Bitcoin and Ethereum on centralized exchanges continues to decline,

The percentage of $BTC on CEX is at its lowest point in 8 years, and the percentage of $ETH is at its lowest point in 10 years.

What can we see:

1️⃣ Investors tend to ‘hold for the long term’ HODL and staking has become the mainstream;

2️⃣ The supply of throwaway assets decreases, market supply tightens, structurally supporting prices. A bull market starts from 'no one wants to sell'.

3️⃣ $ETH is more special—it's not just withdrawn and left in cold wallets, but flows into L2, staking, Restaking, entering the on-chain real economy.

4️⃣ A true DeFi bull market sometimes isn’t about seeing funds coming in, but rather assets starting to 'hide' away.

Image data: @CryptoRank_io