Ethereum holders continue to actively withdraw ETH from exchanges, reaching record volumes. Currently, there are 6.06 million ETH left on exchanges, significantly lower than the peak of 22.9 million ETH recorded in June 2020. According to estimates by the analytics company Santiment, this corresponds to a 73% reduction in the available supply of ether for sale. The decrease in available ether volumes increases market tension, as less ether on exchanges limits opportunities for market sales and can lead to stronger price movements. This means that even small waves of buying can have a noticeable impact on the asset's price.
The current market conditions for Ethereum indicate a price range from $2,567 to $2,666, as noted by Crypto Patel. In the event of a pullback below the $2,150 level, this could lead to a price drop to $2,000 or even $1,800. Notably, further growth above $2,666 could pave the way to higher levels — $3,100 and $4,000. Experts emphasize that with increasing pressure on liquidity and less supply availability in the market, even relatively small demand for assets becomes promising.
In addition to the reduction in exchange volumes, there is an increase in Ethereum's capitalization. One of the headlines of this process is the company BitMine, which increased its reserves by 27,180 tokens this week, bringing its total assets to 5,956,378 ethers. This was made possible by the company's targeted strategy to increase its share to 5% of the total supply of 122 million ETH. Currently, BitMine has reached 98% of its goal, with most of its reserves already staked. With an annual staking income, according to Tom Lee's forecasts, expected to be $334 million, and considering the full staking of all assets — $392 million. Additionally, Ethereum ETFs have recently registered nearly $197 million in net inflows, creating positive momentum and a boom in the market, as inflows at the beginning of the week amounted to another $121 million, bringing the total to $450 million for the month.
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