On September 4, according to CryptoQuant data, ETH exchange reserves have fallen by nearly 10.7 million since reaching a peak of approximately 28.8 million in September 2022. The current reserve is approximately 17.4 million ETH, and approximately 2.5 million ETH has been withdrawn from exchanges in the past three months alone.
Data shows that spot ETH ETFs launched in July 2024 have attracted more than $13 billion in net inflows so far. Between June and August, these funds saw net inflows of more than $10 billion, with a record $5.4 billion in July alone.
Corporate bonds are also driving demand. In the past few months, several public companies have announced the issuance of ETH bonds. Regular corporate purchases have affected the supply of ETH on exchanges. 17 public companies are known to hold ETH on their balance sheets, with a total holding of over 3.6 million ETH.
A Bitfinex analyst said that a major attraction of ETH as a reserve asset is its yield potential. “Unlike Bitcoin, ETH is both a macro asset and a productivity asset, earning yield through staking and boasting over $100 billion in tokenized assets in the L2 and DeFi sectors.”
