Ethereum exchange reserves saw a dramatic decline on July 28, 2025 as more than 1 million ETH were withdrawn. The sudden exodus coincided with a 3.5% price dip to around $3{,}795. Analysts interpret the dwindling on‑exchange supply as a sign of investors moving coins into cold storage and DeFi, which may ultimately tighten supply even as it raises short‑term liquidity concerns.
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