Ethereum’s supply on exchanges has dropped to its lowest level in over a year, highlighting a shift in how traders are managing their assets. According to CryptoQuant, the amount of ETH held on Binance, the largest Ethereum exchange by volume, has been on a steady decline since mid-2025. After peaking in June and July, reserves started to fall sharply through November, reaching their lowest point since May of the previous year. This ongoing outflow suggests that traders are removing their holdings from centralized platforms, often a sign of long-term accumulation.
As the supply on exchanges dwindles, Ethereum’s price has pulled back from its August and September highs of $4,500–$5,000, now sitting around $3,500. This price decrease suggests that many investors have taken profits, while others seem to be holding in anticipation of future gains. The decrease in available ETH on exchanges, combined with the price correction, hints at a possible bullish phase as fewer tokens are available for trading.
Whale Activity Indicates Confidence in Ethereum’s Future
Whale accumulation is playing a crucial role in Ethereum’s shifting landscape. Data from CryptoQuant shows that large holders (those with between 10,000 and 100,000 ETH) have increased their positions by 7.6 million ETH since late April, marking a 52% rise in holdings. This indicates that institutional players and high-net-worth individuals are seizing the opportunity to accumulate Ethereum at current price levels.
Conversely, smaller retail investors, holding between 100 and 1,000 ETH, have reduced their exposure by about 16%. While this shows a more cautious approach from retail, the growing activity among whales suggests strong confidence in Ethereum’s future.
BitMine’s Bold Move and Ethereum’s Future Outlook
BitMine Immersion Technologies has made waves with its recent purchase of 110,288 ETH, bringing its total holdings to 3.5 million ETH, valued at approximately $12.5 billion. This aggressive accumulation strategy is part of the company’s plan to control 5% of Ethereum’s total supply. BitMine’s chairman, Tom Lee, stated that Ethereum’s growth story is becoming increasingly attractive to institutional investors, fueling confidence in Ethereum’s long-term potential.
Furthermore, the upcoming Fusaka upgrade, set to launch in December, is expected to improve Ethereum’s scalability and efficiency, making it even more appealing to investors as the network prepares for future growth.