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 long' HODL and staking has become the main theme;

2️⃣ The supply of assets that can be sold decreases, market supply tightens, creating structural positive effects on prices. The bull market starts when 'no one wants to sell'.

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

4️⃣ A real DeFi bull market sometimes doesn't mean you're seeing funds coming in, but rather that assets start to 'hide' away.