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Ethereum's available float on centralized exchanges has fallen to its lowest level in a decade, according to Coinpedia, a development that has rekindled the familiar argument that tightening supply must eventually push prices higher.
Whether it means what bulls say it means is a different question.
What the Drawdown Actually Shows Exchange reserves measure how much of an asset sits in wallets controlled by centralized trading venues — the ETH that can be sold at a moment's notice.
When that figure falls to a multi-year low, it means holders are moving coins somewhere else: cold storage, self-custody wallets, staking contracts, or decentralized protocols.
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