Institutions Buy $120M of ETH as Exchange Supply Hits 14.9M — a Multi-Year Low

Ethereum’s exchange supply has fallen to 14.9 million ETH — a level not seen since before the 2023 bear market — tightening the pool of liquid tokens available for sale just as institutions resume buying. With only 57,000 withdrawal transactions active, the ETH being pulled from exchanges is not cycling back, suggesting it is being held in cold storage or staked, not traded. This diminishing supply reduces structural sell-side pressure. At the same time, institutional demand has returned: $120 million flowed into Ethereum ETFs on April 6, followed by $85 million on April 9 and $64 million on April 10. These inflows mark a shift from earlier April outflows and show institutions are accumulating ETH precisely when available supply is most constrained. The convergence of shrinking exchange reserves and rising institutional demand creates a supply-demand imbalance. A confirmed break above the 50-period SMA could propel price toward the 0.382 Fibonacci level at $2,749, especially if a geopolitical catalyst like a US-Iran de-escalation accelerates demand.