Simultaneous Sharp Decline in Bitcoin and Ethereum Holdings in Exchanges 🗂 Market Situation 🔘 Bitcoin Exchange Holding Ratio Records 14.767%, Lowest Level Since 2018 🔘 Ethereum Exchange Holding Ratio Records 10.969%, New All-Time Low 🔘 Confirmation of a Continuous Flow Out of Exchanges for Both Assets in the Long Term 🔘 Decrease in Holdings Relative to Price → Can Be Interpreted as Increase in Long-Term Storage (Movement to Cold Wallets) 🗂 Key Points 🔘 Ethereum Exodus from Exchanges at a Faster Rate Than Bitcoin 🔘 Clear Trend of Strengthening Long-Term Holding Preference Among Ethereum Investors 🔘 Decrease in Liquidity within Exchanges → Possibility of Increased Volatility in the Future 🗄 Comment In this phase, ‘changes in holding location’ appear to be more important than simple price movements. The fact that exchange volume continues to drop is interpreted as a trend meaning that the available sell volume in the market is fundamentally decreasing. Especially, Ethereum is more than Bitcoin The fact that it is strongly outflowing can be seen not only as a simple deflationary structure but also as a signal that on-chain utilization, such as staking and DeFi, is increasing simultaneously.