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BTC 
ETH Bitcoin (BTC) and Ethereum (ETH) are sending a supply-side signal that chain analysts believe bodes well for the long-term health of the market. Currently, the cryptocurrency market is showing signs of slow and painful recovery, far from reaching an all-time high. In fact, as of press time, Bitcoin\'s trading price is about 50% lower than its October 2025 high, to nearly $62,766; while Ethereum is down about 64% and trading price is close to $1,738. 
ETH/USD。
Exchange supply hits multi-year lows
According to a post posted by cryptocurrency analyst firm Santiment on platform X on July 9, Bitcoin\'s share of total cryptocurrency exchange supply is close to its lowest level since 2017, while Ethereum\'s share of exchange supply is close to its lowest point since 2015. Sanitation\'s chart shows that as of the time of posting, Bitcoin\'s exchange supply accounted for 6.587%, and Ethereum\'s accounted for 4.3205%. The agency said fewer tokens were held on trading platforms, which meant that even if the two assets experienced sharp fluctuations, there were fewer tokens available for immediate sale. Sanitation called this \"one of the most encouraging signs\" for cryptocurrencies in the long term, but did not view it as a guarantee of price increases.
What doesmean for the next cycle
Sanitation believes that declining exchange balances often reflect stronger beliefs on the part of holders. Investors transfer tokens to self-escrow accounts, indicating that they prefer to hold rather than trade. Since Bitcoin and Ethereum remain anchor assets in the entire cryptocurrency market, the agency pointed out that the exchange supply of both assets is also low, helping to lay a healthier foundation for the next continued bull market-provided that investors remain patient during short-term fluctuations. However, this indicator does not take into account cold-stored tokens that have never entered the exchange, and cannot rule out sell-offs triggered by liquidity sources such as derivatives markets or over-the-counter transactions. Still, the divergence between declining exchange supply and volatile spot prices is likely to remain a focus for analysts in coming months.
