Ethereum Supply on Exchanges Drops to Lowest Level Since 2015

The supply of Ethereum on exchanges has dropped to 8.97 million ETH, the lowest since November 2015. This decrease coincides with a 45% decline in Ethereum's price from its December high.

Key Points

Declining Ether volume indicates holders are moving assets away from exchanges.
Factors contributing to this trend include increased interaction with decentralized finance (DeFi) protocols and staking activities.
Despite lower exchange supply, Ethereum's price fell to approximately $1,899 as of March 21.
Standard Chartered revised its year-end price target for Ethereum down to $4,000 from $10,000, citing competition from layer-2 networks.
Potential recovery could stem from the introduction of staking ETFs, which may attract institutional investment.