Analysis: Ethereum on Exchanges Falls to Lowest Since 2016, Easing Selling Pressure

Ethereum holdings on global cryptocurrency exchanges have fallen to their lowest level in about a decade, suggesting selling pressure may be easing, according to a CryptoQuant analysis.

In a report published on November 3, CryptoQuant contributor Amr Taha wrote that Ethereum reserves across global crypto exchanges stood at about 14.5 million tokens as of November 2, the lowest level since 2016.

According to Taha, exchange-held Ethereum peaked at about 35 million tokens in 2020 and has since declined by roughly 20.5 million, or 58.6%. The amount still held on exchanges is now less than 42% of that peak.

The decline was particularly pronounced at Binance. Binance's Ethereum reserves fell to 3.08 million from a 2025 peak of about 4.9 million, returning to a level similar to late 2020, Taha wrote.

Taha said the drop in exchange reserves could have a positive effect on Ethereum's price. Lower exchange balances mean less Ethereum is immediately available for sale in the spot market, which could ease potential selling pressure and create conditions more favorable for price gains.

He added that with less Ethereum readily available for immediate trading on exchanges, upward price pressure could intensify if buying demand remains steady or picks up again.