Ethereum's liquidity situation is becoming increasingly complex. Despite a relatively stable price near $2.15, exchange reserves have dropped to a record low of 77% from their 2021 peak. This decline has been accelerating since late 2025, suggesting that coins are being sent away from trading venues at an accelerated pace.
According to CryptoQuant analyst Rich_dady, this movement usually indicates that holders are sending ETH to cold storage or staking it, rather than actively trading on exchanges. The report notes that even with a tighter supply, the market hasn't shown sufficient buying pressure to push prices higher.
The futures market is also heating up, with open interest climbing and futures volume reaching $49 billion in a single day. This activity points to traders taking on more leverage, but spot flows remain relatively flat. The current setup suggests weaker demand than the supply picture alone would suggest.