Bithumb Exchange Listing Fuels Euler (EUL) Supply Squeeze as Reserves Hit 1-Year Low

Euler (EUL), Ethereum's non-custodial lending protocol, is experiencing a dramatic decline in exchange reserves—plummeting to just 289,000 tokens, marking the lowest level in a year. This supply crunch follows its recent listing on Bithumb and a remarkable tenfold surge in total value locked (TVL), now standing at $1.5 billion. Despite suffering a $200 million hack in 2023, the protocol's current TVL significantly overshadows its $181 million market capitalization, presenting a strongly bullish signal for forward-looking investors.

Market observers emphasize Euler's exceptional resilience, noting, "Not many protocols can bounce back from a $200 million hack." Since August, the altcoin's exchange supply has dropped by over 500,000 EUL, driven by renewed retail interest and solid institutional backing from heavyweights like Paradigm and Coinbase Ventures.