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Ethereum and Bitcoin Supply at 2025 Low

Crunch time in crypto: exchanges’ reserves of Bitcoin and Ethereum keep shrinking.

By Mike Hesp
• 2 min read
Ethereum and Bitcoin Supply at 2025 Low

Market tightness on the crypto market: exchanges' reserves of Bitcoin and Ethereum continue to dwindle. Availability hits a historic low, signaling rising demand and a growing trend toward self custody.

According to analytics platform Santiment, Bitcoin on exchanges has fallen to just 7.1% of the total circulating supply, a level not seen since November 2018. Glassnode data confirms this: exchanges are currently holding about three million BTC.

Ethereum is seeing a similar trend. For the first time in the network’s more than ten-year history, exchanges hold less than 4.9% of all Ether, according to Santiment. Glassnode estimates this is roughly 16 million ETH.

The downward trend has been visible for years. In the last five years, exchange reserves of Bitcoin have declined by 1.7 million coins. For Ethereum, the drop is 15.3 million coins. This structural shrink points to two things: rising or stable demand on one hand, and investors preferring to keep their assets offline in self-custody wallets on the other.

A shrinking supply combined with rising demand is typically favorable for the price trajectory of crypto assets.

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