Ethereum (ETH) Exchange Reserves Fall to 17.4M as Spot ETH ETF Nets $13B and Corporate Treasuries Boost Demand

CryptoQuant data indicate the ETH exchange reserve fell from a September 2022 peak of ~28.8 million ETH to about 17.4 million ETH, a reduction of nearly 10.7 million ETH; roughly 2.5 million ETH were withdrawn from exchanges in the past three months, underscoring a material shift in on-exchange liquidity.

Market flows have been dominated by the spot ETH ETF launched in July 2024, which has attracted over $13 billion in net inflows to date; June–August net inflows exceeded $10 billion, including a record $5.4 billion in July, according to exchange flow data.

Demand dynamics also reflect institutional activity: several issuances of corporate ETH bonds and disclosed treasury purchases have left 17 publicly listed firms holding more than 3.6 million ETH. A Bitfinex analyst notes ETH’s appeal stems from its staking and yield-generating roles within the L2 and DeFi ecosystems, alongside macro asset characteristics.