The supply of Ethereum (ETH) on exchanges has decreased to 8.97 million ETH, the lowest level since November 2015, as reported by Santiment. Investors are transferring ETH to cold storage, which decreases the available liquidity.
Bitcoin (BTC) experienced a similar pattern in January when exchange reserves reached a seven-year low, leading to a significant price increase.
Currently, the ETH/BTC ratio is at a five-year low, and spot ETFs have seen 12 consecutive days of outflows, indicating continued market pressure.