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Ethereum reserves on centralized exchanges have plunged to just 12%, a sharp decline from 30% a few years ago. This massive supply crunch highlights the impact of growing demand from corporate treasuries and ETH ETFs, intensifying buying pressure. With fewer coins available on exchanges and institutional demand climbing, analysts believe Ethereum’s price could be headed much higher in the coming months.

An OG Bitcoin whale has made a massive shift since August 20, selling 35,991 BTC worth $4.04B and buying 886,371 ETH worth $4.07B on Hyperliquid at a 0.0406 rate, according to Lookonchain. Despite this huge move into Ethereum, the whale still holds 49,634 BTC valued at $5.43B across four wallets, keeping a strong Bitcoin position while diversifying into ETH.