Market data shows that Ethereum is exhibiting a structural signal worth noting: the outflow of ETH from exchanges has reached a nearly two-year high, with a large amount of assets being transferred from trading platforms to non-custodial wallets, resulting in a significant tightening of liquidity on centralized platforms. The current exchange supply ratio has dropped to a historical low of 0.139, indicating that the amount of ETH available for immediate sale has sharply decreased, alleviating selling pressure.
Meanwhile, the supply of ERC-20 USDT on the Ethereum network has surged to a historical peak of $93.4 billion, reflecting that a large amount of capital is continuously flowing into the Ethereum ecosystem. As an important vehicle for on-site funds, the expansion of stablecoins usually indicates an increase in market activity and potential buying interest.
These two forces are forming a resonance situation of 'supply contraction + liquidity influx': on one hand, the available stock of ETH on exchanges continues to decline, increasing asset scarcity; on the other hand, a huge amount of stablecoins provides ample liquidity support for the market. Under this fundamental combination, once buying sentiment is ignited, ETH is expected to usher in a price increase driven by the supply side.
Follow Crypto Old East to get more on-chain data interpretations and market logic!##山寨币战略储备
