$ETH supply on exchanges has dropped to levels we haven’t seen since 2015.

– Down 43% since July

– Only 8.7% of all ETH is still sitting on exchanges

The rest?

Staked, locked in L2s, tied up in DATs, or moved into long-term custody.

This is exactly how supply squeezes start forming in the background… long before the chart shows it.

A supply shock isn’t guaranteed — but the setup is definitely tightening.