$ETH exchange reserves are diving

Glassnode data shows centralized exchange balances have dropped ~20% since July, now at just 14.8M ETH the lowest since 2016.

Treasuries, staking, and self-custody are soaking up supply. If demand heats up, a serious supply squeeze could be coming.

Less ETH on exchanges = tighter liquidity and bigger potential moves.

#ETH #Ethereum #EthereumETFs