#美联储重启降息步伐 $ETH A recent data point is worth noting: the amount of Ethereum held on exchanges has reached its lowest level since the project launched in 2015.

What’s the logic behind this phenomenon? The liquidity available for trading in the market is continuously shrinking.

On-chain data shows that large holders are transferring ETH in bulk—to staking protocols, Layer 2 networks, restaking platforms, and cold wallets. Such large-scale asset transfers are difficult for retail investors to execute; it looks more like institutional players are strategically locking up their holdings.

On the timeline, there’s another piece of news worth watching. A major US bank recently announced plans to allow its wealth management advisors to recommend cryptocurrency ETFs—including Bitcoin and Ethereum—to clients starting in 2026. This means the massive capital pools in traditional finance will soon have a compliant channel to allocate into crypto assets.

Let’s put these two things together:

On one hand, ETH continues to flow out of exchanges, making available tokens for sale increasingly scarce.
On the other hand, institutional-level capital is laying the groundwork to enter the market, with pent-up demand ready to be unleashed.

Tightening supply combined with rising demand expectations—this is a classic sign of an impending market imbalance. Currently, $ETH is fluctuating around $3,000. From a macro narrative perspective, this level may mark the end phase of a structural adjustment.

Here’s a question: When those traditional finance clients really start allocating in 2026, what price range do you think Ethereum will be in? Share your thoughts in the comments.