Ethereum
Ethereum Exchange Reserves Drop to Multi-Year Lows as MVRV Shifts Positive
Available Ethereum on centralized exchanges has fallen to 15.5 million ETH while key on-chain valuation metrics point to an improving structure.
Ethereum balances on centralized exchanges have declined to roughly 15.5 million coins according to Glassnode data, down roughly 38% from the peak of 25.2 million recorded in May 2023. The reduction accelerated after June 2025, when reserves stood around 21.5 million.
On-chain indicators have also shifted, with the Market Value to Realized Value ratio climbing to approximately 1.05 and moving above its 160-day moving average near 0.88 in late August. This crossover concluded a negative momentum period that had persisted since November 2025, with the moving average now curving upward.
In spot trading, Ether was changing hands near $2,464, holding just above the 0.618 Fibonacci retracement level at $2,438.85 that previously acted as resistance. While weekly trading volume and the Bollinger Band Width Percentile reflect volatility compression, the Relative Strength Index has cooled to roughly 60.
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