ETH SUPPLY JUST HIT 2016 LEVELS #Ethereum exchange balances are now back to mid-2016 levels -- almost a decade ago. That’s wild when you think about how much bigger the ecosystem is today. While Bitcoin has seen coins move back onto exchanges recently, $ETH has quietly been leaving. Most of this $ETH isn’t lost or abandoned -- it’s investor-owned and simply not sitting on the sell side. OTC supply has increased a bit, but it’s still small compared to total ETH supply. If exchange balances stay this tight and OTC liquidity dries up too, price discovery doesn’t happen smoothly -- it happens fast. When demand shows up, there may not be much $ETH left to meet it. 👀🔥 📸: CoinNiel