#ETH走势分析 Recently, there’s an interesting data point: the amount of Ethereum held on major exchanges has dropped to a historic low—only about 8.7% of ETH remains on trading platforms, the lowest record since 2015.

This shift started in July 2025. A large amount of ETH has been withdrawn from exchanges. Where did it go? Staking rewards, institutional custody, Layer-2 networks, DeFi protocols... Clearly, holders don’t plan to leave their coins on exchanges waiting to sell at any moment.

There’s been a rare supply squeeze. Analysts say ETH is experiencing "the tightest supply environment ever"—in simple terms, there are fewer coins readily available to trade. Once buying returns and demand picks up even a little, prices could get pushed up.

Of course, this doesn’t mean the price will skyrocket in a straight line. ETH is currently fluctuating around $3,000, and macro factors are still crucial: how interest rate policies evolve, whether market risk appetite changes, if there’s technical resistance... all these will directly impact short-term trends.

Structurally, reduced exchange balances mean less selling pressure. When coins are locked in staking or DeFi, it indicates holders are leaning toward long-term allocation rather than short-term speculation. For investors bullish on the Ethereum ecosystem, this supply squeeze is a positive signal.

But there are still risks. Short-term volatility, macro policies, and sudden shifts in market sentiment could all cause price pullbacks. This situation is better suited for those willing to stick with Ethereum for the long haul, rather than short-term traders looking for quick profits.