ETF and Whale Accumulation Overlap…How High Will Ethereum Rise?

▲ Ethereum (ETH) ©

Analysis suggests that upward pressure due to a 'supply shock' is accelerating as Ethereum (ETH) exchange reserves have plummeted to an all-time low.

According to crypto media outlet Finbold on April 22 (local time), CryptoQuant data shows that Ethereum's total exchange reserves have decreased from approximately 21.37 million ETH on April 24, 2025, to about 14.54 million ETH currently, a reduction of about 32% in one year. This signifies a sharp contraction in the circulating supply available on exchanges.

Notably, the rate of withdrawals accelerated in the price consolidation phase after February 2026, intensifying the trend of supply reduction. Historical patterns show that a decrease in exchange reserves, coupled with increased demand, has acted as a signal for strong bull runs or market reversals. Therefore, this current trend is also highly likely to strengthen short-term upward momentum.

A key factor behind this supply contraction is the inflow of institutional funds. The fund flow for US spot Ethereum ETFs saw net outflows slow down after November 2025, transitioning to a rebound, and has recorded approximately $495.75 million in net inflows to date. The total net asset value has also expanded to around $13.66 billion.

In addition, the movement of large investors is noteworthy. According to on-chain analytics firm Lookonchain, whale investors have accumulated over 53,000 ETH from Binance. This is interpreted as a movement of assets for long-term holding purposes, further reducing the circulating supply in the market.

Consequently, with institutional fund inflows, whale accumulation, and a decrease in exchange supply all converging, the Ethereum market appears to be transitioning into a 'supply deficit structure'. If this trend continues, market attention is focused on the possibility that the price rebound could lead to a structural increase rather than a temporary one.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*