Ethereum Exchange Reserves Plummet to Historic Lows

Ethereum exchange reserves have reached a new record low, according to data from CryptoQuant. As of early May 2026, the amount of ETH sitting on major exchanges combined has fallen to approximately 14.55 million tokens.

This decline represents a significant drop from the 2021 peak near 35 million ETH, with reserves being carved down by more than half over the past few years. The slide accelerated in 2025 and has continued into 2026, breaking below 15 million tokens as of late April.

The chart shows an almost unbroken downward slope over the past several months, indicating a steady flow of ETH moving out of exchanges and into cold storage or staking contracts. With more than 38 million tokens now held in these secure locations, fewer coins are available for immediate trading, reducing potential sell pressure if prices rise.

As a result, the aggregate reserve value has shrunk to approximately $31.8 billion, also a record low, primarily due to ETH's current price being well below its previous high.