Something interesting is happening with $ETH beneath the price action. Ethereum’s exchange reserves have fallen to around 14.9M ETH, a multi-year low, while price sits near $2.4K. That’s a notable divergence. Coins are leaving exchanges even as ETH faces price pressure. It could reflect holders moving into self-custody, long-term accumulation, or simply a change in how investors manage their assets. But lower exchange reserves mean fewer ETH are immediately available to sell on exchanges. If demand returns while reserves remain low, the supply dynamic gets interesting. The question is whether this is quiet accumulation or just coins moving elsewhere.