Ethereum Exchange Supply Drops to 15.5M ETH Amid Bullish On-Chain Momentum

Ethereum (ETH) has seen its exchange supply fall to approximately 15.5 million coins, marking the lowest level in years. This decline represents a significant drop of about 38% from the peak of 25.2 million ETH recorded in May 2023, according to data from Glassnode. The decrease in supply has occurred alongside a positive shift in the Market Value to Realized Value (MVRV) ratio, which recently crossed above its 160-day moving average for the first time since November 2025.

As of now, ETH is trading near $2,464, having experienced a slight decline of 0.87% over the past 24 hours. The price currently hovers just above the 0.618 Fibonacci retracement level at $2,438.85, which has previously acted as resistance but may now serve as support.

In addition to the supply dynamics, approximately $155.8 million in leveraged ETH positions are at risk of liquidation if the price drops to around $2,179. This situation could lead to increased selling pressure on the market, as forced liquidations typically exacerbate price declines.

With the current market structure, Ethereum's declining exchange supply and the potential for liquidation cascades create a precarious environment for traders, suggesting that significant price movements could occur in either direction.