Ethereum exchange balances have dropped sharply since June, falling by roughly 1.4 million coins, while Bitcoin balances increased slightly over the same period. Amid recent price rallies, analyst Credible Crypto projects Ethereum could reach $20,000 based on its trading range and Bitcoin’s performance. Meanwhile, institutional demand for US-based spot Bitcoin and Ethereum ETFs has surged, with nine consecutive days of inflows totaling over $3.5 billion for Bitcoin and $1.66 billion for Ethereum.
Ethereum and Bitcoin have both gained momentum over the past two weeks, but their exchange inventory trends have diverged sharply since June. According to Santiment, ETH balances on exchanges fell by roughly 1.4 million coins from about 7.69 million on June 3 to 6.28 million on August 27.
Another 275,000 coins were withdrawn after August 19, pushing exchange holdings to their lowest level. ETH has gained about 30% since August 16, indicating that the withdrawals occurred during the price rise rather than a decline.
Bitcoin moved in the opposite direction over the same 12 weeks, with exchange balances increasing by around 0.25%. Its price rose by 26% during that period.
Analyst Credible Crypto has expressed a bullish outlook for Ethereum, suggesting it could reach $20,000 in the next few years. He noted that ETH has traded between roughly $1,500 and $5,000 for about five years and has reached both ends of the range several times.
He considers $10,000 a basic target, as doubling the previous range high near $5,000 would reach that level. A larger expansion of the range could push the price to $8,000 or $9,000 before other factors are considered.
The target depends heavily on Bitcoin’s performance. If Bitcoin stays around $80,000 and the ETH/BTC ratio returns to its previous high of 0.156, Credible Crypto expects the altcoin to rise above $12,000.
A Bitcoin price of $100,000 would put ETH above $15,000, while a move beyond Bitcoin’s previous high near $126,000 could take Ethereum to $20,000 or higher.
On the institutional side, US-based spot Bitcoin and Ethereum ETFs have recorded their strongest inflows since October 2025, with nine consecutive days of capital inflows. Bitcoin funds have attracted more than $3.5 billion, while ETH products have secured $1.66 billion.
