Whales Scoop $800M Ethereum as Exchange Supply Hits Record Low

Ethereum consolidates near $1,650-$1,680 after rebounding from $1,500 lows, with exchange reserves plunging to an all-time low of 14.5 million ETH. The story evolved from MVRV Z-Score lows near -0.7 and 475,000 ETH outflows on June 4-7, to open interest crashing to $23.3 billion before Binance perpetual OI surged toward a 3.7 million ETH record. Whales accumulated aggressively, including Bitmine’s 127k ETH addition and $122 million withdrawals, while retail transactions fell 43% but average transfer values jumped 184%, signaling supply tightening amid weak price structure below key moving averages.