Ethereum: ETH reserves on exchanges fall to 3-year low

INFBusiness
04.09.2025
News

According to data from CryptoQuant, Ethereum reserves on centralized exchanges have fallen to their lowest level in three years. Since peaking at around 28.8 million ETH in September 2022, holdings have declined by nearly 10.7 million ETH.
The ETH reserves on Coinbase, Kraken, and others now stand at approximately 17.4 million ETH, with approximately 2.5 million ETH leaving the exchanges in the last three months alone.
The exchange-traded spot ETH ETFs launched in July 2024 have since seen net inflows of more than $13 billion, according to CoinGlass. Of this, more than $10 billion occurred between June and August of this year.
Ethereum treasury companies are also continuing to drive demand. The race is currently led by Tom Lee's Bitmine Immersion Technologies (around 1,800,000 ETH) and Joe Lubin's SharpLink Gaming (around 800,000 ETH).
In the market update from the on-chain options exchange Derive.xyz, ETH is seen as having “explosive potential for the fourth quarter.” Derive founder Nick Forster explains: “SERs [Strategic Ethereum Reserves] now hold nearly 4 percent of the total ETH supply, rapidly catching up to the 5.5 percent held by ETFs.”
Given the expected interest rate cuts, he believes their ETH holdings could reach 6-10 percent of the ETH supply by the end of the year.
However, Derive also pointed out that an imminent ETH price explosion is not set in stone. Short-term implied volatility for ETH options fell from 75 percent to 63 percent last week. This suggests that markets are “pricing in a smoother, more gradual recovery,” the analysis states.
According to the company's calculations, ETH has a 30 percent chance of reaching $6,000 by the end of October. The outlook for this price by the end of the year is 44 percent.
Individuals also continue to hold significant amounts of ETH. Here's an overview of the wealthiest ETH holders.

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