Ethereum News: Ether Supply on Centralized Exchanges Drops to 9-Year Low, Hinting at Possible Price Surge

Recent data reveals a significant milestone in the Ethereum market, with the supply of ether (ETH) on centralized exchanges hitting a nine-year low. This development could have far-reaching implications for the cryptocurrency’s price trajectory.

Ether Supply on Centralized Exchanges Hits 9-Year Low

The number of ether (ETH) held in wallets tied to centralized exchanges has dropped to an over nine-year low of 8.97 million tokens. This is the lowest tally since November 2015. The continued exodus of coins from centralized trading platforms may result in reduced availability of coins in the market, potentially leading to an upward price surge. Similar trends were observed with BTC in January when exchange reserves hit a 7-year low, followed by a price surge.

Tornado Cash Ported to MegaETH Testnet After Sanctions Lift

Tornado Cash, a crypto privacy protocol, has been ported to the newly launched MegaETH public testnet by developer Gunboats, who named it ETHTornado. The developer noted that the porting process was easy and did not require any changes to the code. This move comes after the U.S. Treasury lifted sanctions against Tornado Cash, which were imposed in August 2022 due to allegations of facilitating money laundering. With the sanctions lifted, American citizens can now legally use the protocol.

Fidelity Files to Tokenize U.S. Dollar Money Market Fund on Ethereum

Fidelity Investments has filed to register a tokenized version of its US dollar money market fund on Ethereum. The move aligns the $5.8 trillion asset manager with industry giants like BlackRock and Franklin Templeton, which are also exploring real-world asset (RWA) tokenization. In a filing submitted to the US Securities and Exchange Commission (SEC) on 21 March 2025, Fidelity outlined plans for a new share class named “OnChain,” designed to track transactions of the Fidelity Treasury Digital Fund (FYHXX). The fund currently holds approximately $80 million, primarily in US Treasury bills. While the OnChain structure is still pending regulatory approval, Fidelity anticipates it will go into effect by 30 May 2025.

Fidelity Files with SEC to Launch Blockchain-Based U.S. Dollar Money Market Fund

Asset manager Fidelity Investments has filed with the U.S. Securities and Exchange Commission (SEC) for regulatory approval to launch a blockchain-based, tokenized share class of its U.S. dollar money market fund. The proposal aims to register an “OnChain” share class of its Fidelity Treasury Digital Fund (FYHXX), which holds cash and U.S. Treasury securities. Currently, this fund utilizes the Ethereum (ETH) network, with plans to potentially include other blockchains in the future. If approved, this fund will become active on May 30. The filing is part of a trend among financial institutions to move traditional financial products like government bonds onto blockchain platforms.