According to data from Glassnode, the amount of Ethereum held on exchanges has dropped to a five-year low, with only 17.86 billion ETH currently held. This decline began in mid-2020 but accelerated in September 2022 as the network transitioned to Proof-of-Stake. Withdrawals have been outpacing deposits for most of the year, resulting in over 1.59 billion ETH being taken off exchanges. This trend is similar to what has been seen with Bitcoin, although Bitcoin's exchange balance has increased since the beginning of the year, potentially indicating market anticipation of price movements.