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Bitcoin and Ether exchange supply falls to multi-year lows, Santiment says

Bitcoin and Ether exchange supply falls to multi-year lows, Santiment says

Bitcoin and Ether held on centralized exchanges have dropped to multi-year lows, but analysts say the signal is less reliable as assets move into ETFs, custody, DeFi and corporate treasuries.

BTC
ETH

Fact Check
The claim matches the originating Cointelegraph X post verbatim: BTC exchange supply lowest since 2017 and ETH lowest since 2015, per Santiment, indicating stronger investor conviction. Multiple independent relays (PANews, spendnode.io, Binance Square, KuCoin) consistently report the same Santiment figures and interpretation. All trace back to the same Santiment on-chain data source. The claim accurately reflects what these sources report.
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Summary

Bitcoin and Ether balances on centralized exchanges have fallen to levels not seen in years, a trend long viewed as a sign of tighter liquid supply and lower near-term selling pressure. Santiment data cited earlier by Cointelegraph showed Bitcoin exchange supply at its lowest level since 2017 and Ether at its lowest since 2015. Analysts now say the metric has become less reliable as a standalone price signal because more crypto is being held in institutional custody, exchange-traded funds, DeFi protocols and other on-chain uses, while more BTC and ETH are also being accumulated by companies seeking long-term price appreciation.

Terms & Concepts
  • exchange supply: Amount of a token held on trading platforms
  • liquid supply: Tokens readily available to be traded or sold
  • DeFi protocols: Blockchain-based financial applications that let users lend, trade or earn yield without traditional intermediaries