#ETH走势分析 The circulating supply of Ethereum on exchanges has dropped to its lowest point since 2015, which is quite an interesting signal. The chips that can actually be freely traded in the market are being drained, what does this indicate? It suggests that someone is quietly accumulating.

The most direct evidence is the frenzied activity by institutions. According to the latest holdings data released by top crypto asset player BitMine, they are holding more than 3.86 million ETH, which is over 3.2% of the total supply, and they're racing toward a 5% target. Just last week, they bought 138,000 ETH, with the purchase rate surging by more than 150%. This scale and pace is definitely institutional-level accumulation; retail investors simply can't play at this level.

Another change is brewing on Wall Street. Bank of America has officially announced that starting in 2026, advisors in its wealth management division will be able to directly help clients allocate to Bitcoin and Ethereum ETFs. This means a large amount of compliant funds is waiting on the sidelines, ready to pour in as soon as the channel opens.

The current situation is actually very clear: on one hand, there is less and less ETH available for sale on exchanges, while institutions continue to accumulate, rapidly tightening the circulating supply; on the other hand, the compliant gateway for traditional finance is about to be unlocked, and big money buy orders are already prepared. With tight supply and pent-up demand, how much upside potential does Ethereum have in this scenario?