#大户持仓变化 Exchanges hit a new low in Ethereum holdings, this time it's different

Recently, a noteworthy data point: ETH holdings on exchanges have fallen to the lowest level since 2015. This may seem ordinary, but it actually reflects a dramatic shift in market structure.

Why is this so critical? Coins on exchanges represent liquidity and active funds that can be sold at any time. When this stockpile diminishes, the ammunition available for dumping also disappears. Moreover, the main players withdrawing large amounts are not retail investors—it's collective actions by whales and institutions. Where are they transferring their $ETH? Staking, re-staking, cold wallet locking—all pointing in one direction: long-term holding.

Meanwhile, there’s also a shake-up in traditional finance: US banks announced that starting in 2026, their wealth advisory teams can directly recommend Bitcoin and Ethereum ETFs to high-net-worth clients. What does this mean? The compliance channels on Wall Street are officially open, and institutional funds that have been waiting now have a legitimate way to enter.

Looking at these two trends together:

**On-chain**: The supply of sellable coins is decreasing, liquidity is tightening.
**Financial**: The number of institutional buyers waiting to enter is increasing.

This is classic supply tightening combined with demand explosion. When scarcity meets purchasing power, how the market reacts will be written into history.