Ethereum Reserves Hit Seven-Year Low

Ethereum reserves on exchanges have reached a seven-year low, with only 19 million ETH remaining, indicating a shift towards long-term holding and self-custody. This trend, highlighted by CryptoQuant and Santiment, is influenced by interest in Ethereum-based ETFs, staking, DeFi growth, and enhanced self-custody solutions, which may reduce selling pressure and support price stability. Ethereum's price recently climbed by over 4% in 24 hours, reaching a 12-day high of $2,832 before a slight pullback. Additionally, an anonymous programmer named Hu Lezhi has burned and donated $7 million worth of Ethereum, sharing cryptic messages about being monitored by a 'brain-control organization.' A new memecoin called Kee is also gaining attention, aiming to revive the decentralized ethos of Ethereum memecoins with a focus on community control. Despite these developments, skepticism about Ethereum's long-term price trajectory persists among crypto analysts.