Ethereum's centralized exchange (CEX) supply has hit a new low since 2015, and the market is entering a state of "extreme scarcity."

According to Mars Finance, on December 7th, Ethereum's balance on centralized exchanges fell to an all-time low, prompting analysts to warn of a supply squeeze. Latest data shows that the ETH supply on exchanges fell to just 8.7% of the circulating supply last Thursday, the lowest since the network launched in 2015. As of Sunday, it remained at only 8.8%, almost at an extremely low level. Since July, the amount of ETH on exchanges has plummeted by 43%. During the same period, institutional and digital asset vault (DAT) purchases have accelerated significantly. Research firm Milk Road noted, "ETH is quietly entering the tightest supply environment in history, something never seen before." In contrast, Bitcoin's exchange supply remains at 14.7%. Analysts believe that a large amount of ETH is locked in scenarios where it cannot be sold quickly, including: staking and restaking, Layer 2 activities, DAT vault staking, and long-term custody. Milk Road stated that supply tightening could drive prices upward after a shift in sentiment: "Sentiment can be pessimistic, but sentiment cannot change the supply structure. When sentiment and supply are misaligned, the price will eventually follow the supply change." Analyst Sykodelic also pointed out that Ethereum's OBV (On-Balance Volume) broke through the resistance level, but the price was briefly rejected, which is a typical "divergence," usually indicating hidden buying power and accumulating momentum for subsequent increases.