Ethereum exchange balances have experienced a significant decline since June, moving in the opposite direction of Bitcoin exchange inventories over the same period, according to data from Santiment.
Between June 3 and August 27, ETH balances on cryptocurrency exchanges dropped by approximately 1.4 million coins, falling from roughly 7.69 million to 6.28 million. These outflows persisted even as Ethereum's price climbed. An additional 275,000 coins were withdrawn following August 19, pushing exchange holdings to their lowest levels. Over the 12-week span, ETH gained about 30% since August 16, demonstrating that withdrawals occurred alongside rising prices rather than during a market decline.
In contrast, Bitcoin exchange balances moved slightly higher over the same 12-week period. Santiment reported that Bitcoin exchange inventories increased by about 0.25%, remaining near the upper boundary of their recent range while the asset's price rose by 26%.
The relative market strength and supply dynamics have drawn commentary from analysts. Speaking on the No Bs Crypto podcast, crypto analyst Credible Crypto outlined potential long-term price targets for Ethereum based on its multi-year trading range and historical performance against Bitcoin, suggesting potential targets between $10,000 and $20,000 depending on broader market conditions and future Bitcoin price milestones.
On the institutional front, US-based spot Bitcoin and Ethereum exchange-traded funds recently recorded a nine-day streak of inflows. During this period, Bitcoin funds attracted more than $3.5 billion in capital, while Ethereum products secured $1.66 billion.
