Recently, this phenomenon is indeed worth pondering. The Ethereum holdings on centralized exchanges have dropped to a near nine-year low, even lower than Bitcoin's holdings—this seems a bit abnormal.

But this isn't necessarily a bad sign. It might actually indicate that funds are quietly shifting: some are staking to earn yields, some are transferring coins to self-custody wallets for long-term storage, and institutions are also accumulating strategic reserves. Fewer coins on exchanges mean that everyone is "hesitating to sell," and the market may be entering a new phase.

Veteran traders often see this kind of capital accumulation as a signal of a shift in market sentiment. So the question is—could this be an early warning sign of a bull market? Or is it just another market trap? Can the traditional year-end rally turn around this year? These questions hang in the air. 📈