Ethereum Supply is drying on exchanges

Ethereum Supply is drying on exchanges
Ethereum, the #2 cryptocurrency in the world has hit its highest market cap at $449 billion with each ETH value at almost $3,900 that is more than doubled in past three months. One may wonder, what is going on with ETH and why its value has gone up 1000% in past 12 months?
ETH Price
There are several reasons for that. One obvious reason is cryptocurrency itself has gone up by multiple times in past 12 months. Not just one but almost all of them.
A recent surge of DiFi project has also fueled the crypto really where investors and traders are locking in their crypto in Difi projects and moving it from crypto exchanges.
In a recent report published by glassnode, almost 23% of ETH supply is now locked in smart contracts. This number has grown up from 16% in past few months thanks to surge in DiFi projects.
ETH Supply 
As you can see from the above graph, smart contracts holdings of ETH is going up while exchanges holdings are going down.