Bitcoin Hits 8-Year Low on Exchanges While Ethereum Supply Surges – What’s Next?

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<a href="https://investment-policy.com/btc-usd/">Bitcoin</a> Holds 8-year Exchange Low While <a href="https://bbg-news.com/eth-usd/">Ethereum</a> Supply Moves Up

Key Takeaways

  • BTC supply on exchanges: 5.6%, lowest since 2018, holding flat.
  • ETH supply on exchanges: 4.6%, up from 4.2% ten days ago.
  • Both still near record lows but diverging in direction.
  • May 10 ETH inflow spike: approximately 240K ETH, chart’s largest bar.
  • Current BTC netflow: -967.7 BTC. Current ETH netflow: -14.2K ETH.

What the supply percentages show

Tracking how much of a cryptocurrency’s total supply is held on exchanges can offer valuable insights into future price movements. An increase suggests holders are preparing to sell, while a decrease indicates they’re holding onto their coins. Santiment’s chart, which monitors this for Bitcoin (BTC) and Ethereum (ETH) from May 2025 to May 2026, shows that both cryptocurrencies saw decreasing exchange holdings for most of the year, but this trend changed in May 2026, with BTC and ETH diverging in their behavior.

As a crypto investor, I’ve been watching the exchange supply of Bitcoin and Ethereum closely. Right now, only 5.62% of all Bitcoin is held on exchanges, which is the lowest it’s been in eight years – since 2018! It’s been steadily dropping from around 9.5%, and while it seems to have paused its decline recently, it’s still incredibly low. Ethereum’s exchange supply is a bit different. It’s currently at 4.575%, up slightly from 4.2% about ten days ago. Although it’s increased a little, it’s still near the lowest level we’ve seen since Ethereum first started trading back in 2015. The key takeaway is that both coins have a relatively low amount sitting on exchanges, but Ethereum’s is now trending upwards.

If two assets both have very little supply available, but one starts to increase in availability while the other stays the same, the difference in their behavior reveals more about who’s holding them than the actual supply numbers do. The important question isn’t whether the supply is generally high or low, but *why* these two assets are behaving differently at the same time.

What the netflow charts explain

Charts showing the netflow of funds on the CryptoQuant exchange between April 15th and May 16th, 2026, explain why these two assets performed differently.

Bitcoin experienced a fluctuating but generally stable balance of incoming and outgoing coins over the observed time. Currently, there’s a slight net outflow of -967.7 BTC. Interestingly, despite several days (May 11-14) showing significant inflows of between 2,500 and 4,000 BTC each day, the percentage of Bitcoin supply held by investors remained constant at 5.6%.

Currently, about 5.6% of Bitcoin’s total supply remains on exchanges, and recent data shows that while Bitcoin is being deposited onto exchanges, an equal amount is being withdrawn. This indicates that active Bitcoin holders are quickly buying up deposits instead of just holding them, suggesting strong demand. The consistent percentage of supply on exchanges isn’t a sign of inactivity – it means deposits and withdrawals are balancing each other out.

Ethereum saw a significant surge in activity on May 10th, with approximately 240,000 ETH flowing into exchanges – the largest single-day increase shown in the data. Following this, from May 12th to 15th, there was mostly a net outflow of ETH, currently totaling around 14,200 ETH. This inflow spike on May 10th directly caused a 0.4% increase in the amount of ETH held on exchanges over the past ten days, and subsequent outflows haven’t been substantial enough to offset it.

What the divergence means for each asset

When we look at how these two assets are bought and sold, and how much is available, the patterns are quite different for each one.

Bitcoin’s supply is being actively managed by its holders, not just left untouched. They’re consistently both depositing and withdrawing Bitcoin from exchanges, keeping the amount available on exchanges relatively stable. This stable supply, currently at an eight-year low, has persisted even through price fluctuations and a recent recovery to over $82,000, indicating that Bitcoin holders aren’t being deterred by short-term market volatility.

A significant increase in Ethereum entering exchanges on May 10th marked a turning point. Whether this was due to people who bought ETH for under $2,000 in February and March 2026 cashing in their profits, or another group moving their holdings, the outcome is clear: the amount of ETH on exchanges increased. Despite subsequent decreases, the supply hasn’t returned to previous levels. Currently, ETH supply on exchanges is at 4.6%, which is still relatively low historically, but this upward trend contrasts with Bitcoin’s stable supply, which supports a positive outlook.

If the amount of ETH available on exchanges drops to 4.2% or lower – and continues to do so, as shown by consistent daily decreases on CryptoQuant – it would suggest that the price increase seen on May 10th has stabilized, and ETH owners are once again sending their coins off exchanges rather than selling.

If Ethereum’s exchange supply stays above 4.5% through May, and we continue to see large amounts of ETH flowing onto exchanges like we did on May 10th, it would suggest a significant and lasting difference in how ETH and BTC are being traded. This would mean ETH holders are selling, while BTC holders aren’t, indicating a potential shift in market dynamics.

As a researcher, I want to be clear that the information I present here is purely for educational purposes. It’s not financial, investment, or trading advice, and I don’t recommend any particular cryptocurrency or investment strategy. Before making any decisions with your money, please do your own thorough research and, importantly, consult with a qualified financial advisor.

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2026-05-15 14:04