According to a report by Kaiko, five major crypto exchanges hold 72% of Ethereum liquidity, with Binance, Bitfinex, OKX, Coinbase, and Kraken being the only ones to have significant reserves.

This concentration of liquidity is due to the collapse of FTX, which has resulted in liquidity moving away from the United States.

Meanwhile, balances of Ether on exchanges have hit a five-year low, indicating investor confidence in the asset's growth, and staked ETH deposits have reached a new all-time high. Stablecoins, particularly USDT and USDC, have shown resilience and little volatility in the market.