Ethereum holdings on centralized exchanges fall to 8.7% of supply, lowest since 2015

Ethereum balances on centralized exchanges dropped to 8.7% of circulating supply last Thursday, the lowest level since the network launched in 2015, Milk Road data show. Exchange-held ETH declined 43% since July, while institutional and treasury holdings accelerated. The supply shift reflects increased locking in staking, restaking, Layer 2 networks, treasury vaults, collateral loops, and long-term custody. Analyst Sykodelic noted Ethereum's On-Balance Volume indicator broke resistance while price faced rejection, a divergence pattern typically signaling hidden buying pressure.