Ethereum supply shock well and truly at all time highs. Looks like the market overpriced it in May but is probably underpricing it July / August.

Switching to an oscillator view of this, it’s moving out of its no-brainer buy zone with the latest rally. But importantly, despite short term technicals being quite warm, it’s far from over-bought on fundamentals.

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#ETH Exchange Balance (blue), continues to deplete suggesting a mid-cycle accumulation phase

In 2017, an initial supply depletion was followed by a local top/accumulation phase, and then a final rally to the macro top.

Exchange balance only increased after the macro top