The supply of Ethereum on exchanges has reached its lowest level in a year, primarily due to a surge in accumulation by large investors, commonly referred to as whales. This trend is fostering a bullish sentiment among investors and may indicate potential price increases in the near future.
Recent analytics from CryptoQuant and Binance reveal a marked decline in the number of Ether holdings on major trading platforms, falling to levels not seen since May 2024. This shift signals a significant change in investor behavior, with many traders opting to transfer their ETH into private or cold wallets. Such movements are generally viewed positively, as they suggest long-term holding strategies and reduced selling pressure.
Although the price of Ethereum experienced downward momentum after peaking at $4,500 and $5,000 in mid-2025, the dwindling supply on exchanges indicates that investors are more inclined to hold rather than sell their assets. This trend is significant given the current market dynamics.
Whales, specifically those holding between 10,000 and 100,000 ETH, have increased their holdings by approximately 7.6 million ETH since April 2025, representing a remarkable 52 percent growth. This accumulation trend contrasts sharply with retail investors, who have been scaling back their exposure to the market, highlighting a notable divergence in confidence levels among different investor categories.
One prominent player in this space is BitMine Immersion Technologies, which has recently acquired over 110,000 ETH, bringing its total holdings to around 3.5 million ETH, valued at approximately $12.5 billion. BitMine aims to secure 5 percent of the overall supply of Ethereum, reflecting a growing trend of institutional investment in the asset.
The chairman of BitMine pointed to the stronger fundamentals of Ethereum and the anticipation surrounding upcoming network upgrades as key motivators for this continued interest. The next significant upgrade, known as Fusaka, is set to launch in December 2025, promising enhancements in scalability and efficiency.
This technical advancement is expected to bolster Ethereum”s position as a leading platform for decentralized applications (dApps), decentralized finance (DeFi), and non-fungible tokens (NFTs).
The combination of lower supply on exchanges and increased institutional accumulation is largely perceived as a precursor to potential price stabilization and a subsequent bullish trend when market momentum picks up once again.
