Ethereum is disappearing from exchanges at a visibly rapid pace.

The latest on-chain data shows that the ETH reserves on centralized exchanges have dropped to their lowest level since 2015. What does this mean? The "liquid chips" that could be sold at any time are being quickly withdrawn from the market. Whales and institutions are clearly transferring ETH in large quantities, likely to staking protocols, restaking platforms, or directly into cold wallets for long-term storage.

While the supply side is tightening, there is new movement on the demand side as well. A major US bank just announced that starting in 2026, its wealth advisors will be permitted to directly recommend Bitcoin and Ethereum ETFs to clients. This is no minor development—traditional financial systems are laying compliant channels for large-scale capital inflows, allowing "slow money" like pensions and trust funds to finally allocate to crypto assets in a legitimate way.

On one hand, exchange reserves have hit a nine-year low; on the other, Wall Street capital channels are officially opening. When supply continues to shrink and demand begins to surge, where will the price go? We may not have to wait long to find out the answer to this question. What price do you think ETH will hit first?