CryptoQuant: Ethereum exchange balances fall to 0.137 ESR, lowest since 2016

On December 17, 2025, CryptoQuant highlighted a sustained decline in Ethereum's Exchange Supply Ratio, and on December 18, 2025 the metric stood near 0.137, the lowest since 2016. Binance's ESR hovered around 0.032–0.0325, while nearly 36 million ETH has been staked and Layer 2 usage has shifted more supply toward DEXs. Institutional reserves and ETFs collectively hold over 12.9 million ETH.