Significant amounts of Ethereum have been flowing out of cryptocurrency exchanges in the past few weeks, suggesting a decline in the Ethereum Exchange Reserve metric.
Ethereum whales have been accumulating more ETH, with over 120,000 ETH tokens purchased by whales in the last 72 hours.
The Ethereum Exchange Reserve has hit a new all-time low, indicating increased allocation to self-custodial wallets and potentially leading to a supply crunch.
This decline in Ethereum supply on centralized exchanges could act as a catalyst for ETH's price recovery.