Ether Exchange Reserves Fall 38% Since 2022 as Spot ETFs and Corporate Treasuries Appear to Draw Supply

Ether exchange reserves have fallen roughly 38% since 2022, dropping from ~28.8M to about 17.4M ETH as spot ETH ETFs and corporate treasuries absorb billions. This outflow removed ~10.7M ETH from centralized exchanges, tightening liquid supply and bolstering institutional demand and staking flows.

• Ether exchange reserves down ~38% since Sept 2022 — from ~28.8M to ~17.4M ETH.

• Spot ETH ETFs have attracted over $13B net inflows since launch, pulling significant ETH off exchanges.

• Corporate treasuries and staking queues now hold millions of ETH, shrinking liquid supply and supporting market demand.

ETH reserves on exchanges down 38% as spot ETH ETFs and corporate treasuries absorb billions. Explore ETF flows, staking queues, and market impact today.

Ether supply on centralized exchanges has plunged around 38% since 2022, as billions flow into spot ETFs and corporate treasuries ramp up their ETH holdings.

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Ether reserves on centralized exchanges have fallen to the lowest level in three years as demand grows from investment funds and corporate buyers.

According to data from CryptoQuant, reserves have dropped by nearly 10.7 million ETH since peaking at around 28.8 million in September 2022. Holdings now stand at about 17.4 million ETH, with roughly 2.5 million ETH leaving exchanges in the past three months alone.

Ethereum exchange reserves – All exchanges. Source: CryptoQuant

Spot ETH exchange-traded funds (ETFs) launched in July 2024 and have since drawn material capital. CoinGlass data shows net inflows topping $13 billion into spot ETH ETF products, including more than $10 billion between June and August and a record $5.4 billion in July alone.

Corporate treasuries are also shifting into Ether. Several publicly traded companies have announced ETH allocations, and Ethereum Treasuries data indicates at least 17 public firms now hold ETH on their balance sheets, collectively controlling more than 3.6 million ETH.

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What happened to Ether exchange reserves?

ETH reserves on exchanges have fallen about 38% since September 2022 as institutional products and corporate treasuries withdraw supply. This decline reflects ~10.7 million ETH leaving centralized exchanges, driven by spot ETF inflows and direct corporate purchases, tightening liquid supply and supporting long-term demand signals.

How are spot ETH ETFs affecting supply?

Spot ETH ETFs are the largest single institutional absorber of exchange liquidity since launch. Products including BlackRock’s iShares Ethereum ETF (ETHA) have rapidly scaled, with ETHA holding a substantial share of ETF assets. Aggregate spot ETH ETF AUM is around $24 billion, according to CoinMarketCap data, noticeably reducing ETH available on exchanges for trading and sale.

Why are corporate treasuries buying ETH?

Public companies cite ETH’s yield potential via staking and its growing role as a productivity asset supporting tokenized assets on L2s and DeFi. Examples include SharpLink Gaming, BitMine Immersion Technologies and The Ether Machine, which have disclosed significant ETH treasuries. These corporate strategies convert tradable supply into long-term holdings.

SharpLink Gaming launched a treasury plan after a $425 million private placement and reported 797,704 ETH. BitMine Immersion Technologies disclosed about 1.86 million ETH. The Ether Machine announced 495,000 ETH and plans for a Nasdaq listing.

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