Ethereum ‘s<\/a> price is holding firmly above $3,800<\/strong> and displaying a marked bullish recovery<\/strong> in recent days. This momentum comes alongside a particularly significant on-chain signal. Investors are massively withdrawing their ETH from exchanges<\/a><\/strong> at a rate not seen for several years.<\/p>\n\n\n\n According to data shared by respected crypto analyst Merlijn The Trader, total ETH reserves on centralized platforms have reached a new multi-year low<\/strong>. This accelerated outflow of tokens<\/a><\/strong> to self-custody solutions, cold wallets, or staking contracts demonstrates a major strategic shift<\/strong>. Holders are clearly adopting a long-term vision and reducing the available supply in the spot market.<\/p>\n\n\n\n This compression of circulating supply mechanically creates upward pressure<\/strong> on prices. Less ETH available for purchase<\/strong> means that constant or growing demand<\/strong> can drive valuations higher more quickly. For Merlijn The Trader, these on-chain movements constitute an early signal of entering a parabolic phase<\/strong>.<\/p>\n\n\n\n