The depletion of ETH reserves on exchanges

1. The Ethereum (ETH) reserve on exchanges reaches an all-time low (6.5 million ETH), signaling a potential Supply Shock, similar to that observed for Bitcoin (BTC).

2. This scarcity indicates that investors are withdrawing their tokens for HODLing, staking, or DeFi, which amplifies the impact of any future demand on the price.

3. This dual supply shock (BTC and ETH) creates a macro-technical setup favorable for a « Twin Rally. »

4. This scarcity finds a counterpoint in the macroeconomic context:

4.1. SPX/AI Bubble : A correction in the SPX could trigger panic selling of ETH (along with BTC), offering ideal entry points.

4.2. Fed Pivot : The injection of liquidity (cessation of QT) will fuel scarcity assets like ETH.

4.3. Banking Crisis : Banking instability accelerates the adoption of ETH’s DLT infrastructure for tokenization, strengthening its growth thesis as a pillar of Decentralized Finance 3.0.

Oleg Turceac

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