Ethereum Supply Falls to Year-Low as Whales Accumulate
Ethereum supply on centralized exchanges has dropped to a one-year low, driven by large-scale whale accumulation. Data from CryptoQuant and Binance show a sustained outflow of ETH as investors transfer tokens to private wallets. Whales holding 10,000 to 100,000 ETH have increased their combined balances by 7.6 million ETH since April 2025, a 52% rise.
Institutional investor BitMine Immersion Technologies recently added over 110,000 ETH, bringing its total to 3.5 million ETH. BitMine aims to own 5% of the total Ethereum supply, citing strong fundamentals and the upcoming Fusaka network upgrade in December 2025. The Fusaka upgrade targets improved scalability and efficiency for decentralized applications, DeFi protocols, and NFTs.
This drop in Ethereum supply suggests reduced selling pressure and bullish sentiment among major holders. While retail traders have trimmed positions, whale buying reflects confidence in Ethereum’s long-term potential. Lower exchange supply trends often precede price rallies, making ETH supply and network upgrades key indicators for future bullish momentum.
Bullish
Significant outflows from exchanges often reduce sell-side pressure and precede price rises, as seen in past Bitcoin halving cycles. Whale accumulation, particularly by institutional investors like BitMine, underscores strong market confidence. The upcoming Fusaka upgrade further supports bullish sentiment by promising improved scalability and efficiency. Overall, lower Ethereum supply on exchanges and growing institutional holdings point to potential short-term consolidation followed by a renewed upward trend.