🚨 ETH on-chain snapshot

📊 Exchange reserves

• ~16.2M ETH on CEX

• Lowest level in ~8 years

→ Sellable supply remains tight

📥 Recent exchange inflows

• Weekly net inflow: ~25,700 ETH

• ≈ 0.16% change

→ No sustained inflow spike

🐋 Whale movement

• Single large transfer: ~91,900 ETH

• Value: ~$280M

→ Isolated event, not systemic flow

🔒 ETH locked / illiquid

• ~27%+ of total supply staked

• Millions of ETH removed from liquid circulation

🔥 Supply burn

• ETH burned daily during high activity

• Net issuance stays flat to deflationary in peak usage

📈 What this tells me:

Low exchange supply.

Controlled inflows.

Whales moving — but not unloading.

On-chain structure stays constructive.

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