Ethereum’s Supply Is Being Absorbed Faster Than It Can Be Replaced

Ethereum shows constructive market structure as institutional demand outpaces selling: ETH trades around $2,332 after a 1.66% 24‑hour and 3.35% weekly gain. On‑chain analysis (GugaOnChain/CryptoQuant) finds accumulating addresses (2,434) have crossed above stable whale addresses (2,410) while Binance deposit addresses — potential sellers — sit lower at 2,314, giving a combined buy-to-sell ratio of ~2.1:1. The report calls the $2,332 area an “armored glass floor,” argues exchange liquidity is being drained, and assigns a 92% probability of a breakout within 72–120 hours. Technicals support stabilization: ETH reclaimed the 200‑week moving average and made a higher low vs February, though resistance remains in the $2,600–$3,000 band. Key invalidation: a spike in Binance deposit addresses above 2,600 would signal mass profit‑taking and risk a reversal. Overall, the piece frames current flows/structure as bullish, driven by institutional accumulation and reduced exchange supply.