On March 24, according to data tracked by CryptoRank and Santiment, the amount of ETH held in wallets associated with centralized exchanges (CEX) has dropped to a 9-year low of 8.97 million tokens, which is the lowest record since November 2015.

Continuous withdrawal of tokens from CEX may lead to a reduction in token availability in the market, potentially triggering a price increase. CryptoRank stated, "Investors continue to transfer ETH to cold wallets, reducing available liquidity. Bitcoin experienced a similar trend in January, when exchange platform reserves reached a seven-year low, followed by a sharp price increase."