Ethereum exchange reserves drop to 14.5M, question of repeating 2025 bull run arises

June 12, 2026

The recent performance of Ethereum has shown some interesting trends in relation to Bitcoin, particularly in terms of relative strength and supply dynamics. Ethereum has been trailing behind Bitcoin in Q2, but historical patterns suggest that it may be gearing up for a rebound in Q3, especially as markets transition towards a risk-on sentiment.

Despite the recent selling pressure in the cryptocurrency market, Ethereum has demonstrated stronger flows during risk-on days, indicating a potential shift in investor sentiment. This is further supported by the technical analysis of ETH and BTC prices, which are consolidating around key levels, hinting at potential dip-buying opportunities.

The supply of Ethereum on exchanges has been steadily decreasing, reaching a record low level of just 14.5 million ETH available for buyers. This tightening supply, coupled with signs of exhaustion in selling pressure, paints a bullish picture for Ethereum moving forward. As institutional positions shift and ETF outflows continue, Ethereum appears to be in a strong position to outperform Bitcoin in the coming months.

Overall, the setup for Ethereum in Q3 seems to be leaning towards a stronger performance against Bitcoin, as market conditions favor a risk-on environment. With decreasing supply and signs of buyer interest picking up, Ethereum’s recent strength against Bitcoin may be more than just a short-term rotation, indicating a potential shift in market leadership. As Ethereum gears up for a potential rebound, investors will be closely watching how the cryptocurrency continues to perform in the coming months.