Major holders are quietly reshaping $FXS liquidity—here's what's happening on Ethereum.

The numbers paint a clear picture. Circulating supply sits at 88.66M tokens on CoinMarketCap. On the ETH chain specifically, exchange balances have been bleeding out since mid-January. Starting from 12.97M, outflows hit 9M in just weeks. Translation: large players are moving massive positions off exchanges.

When exchange liquidity dries up like this, it signals two things. Either whales are accumulating heavily and securing holdings in self-custody wallets, or they're preparing for a coordinated move. Either way, retail traders face tighter spot liquidity and wider spreads.

The $FXS supply concentration tells the story—few holders control most of the flow. Keep an eye on where these tokens move next. Exchange balances are the real indicator of market pressure.