Several altcoins appear to have defied market fear over the past month. Despite declining prices, investors did not rush to sell on exchanges. Instead, they accumulated more aggressively.
This accumulation has driven the exchange supply of some altcoins to their lowest levels in years. Such scarcity is a critical factor that supports potential price increases. Which altcoins are showing this pattern?
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1. Ethereum (ETH)
It comes as no surprise that Ethereum remains one of the most sought-after altcoins among both institutions and retail investors.
What may surprise many, however, is the degree of scarcity ETH is currently showing on exchanges. Data from CryptoQuant reveals that Ethereum’s exchange supply fell to 15.8 million in October — the lowest level in three years.
In addition, ETH available for purchase on the open market is becoming even scarcer as more tokens are staked. According to Dune, the total amount of staked ETH has increased steadily over the past five years and now stands at nearly 36 million ETH, or roughly 29% of the total supply.
Although bearish sentiment in October pushed ETH below $4,000, the increasing scarcity suggests that a recovery remains likely.
2. Chainlink (LINK)
Chainlink (LINK) has also surprised many. Its exchange supply dropped to 143.5 million LINK, the lowest level since October 2019.
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Since the start of the year, exchange balances have fallen from over 220 million LINK, meaning about 80 million LINK, roughly 11% of the circulating supply, have been withdrawn in 2025 alone.
A recent BeInCrypto report highlighted that LINK has entered one of its strongest accumulation phases by whales in years.
The latest update from Chainlink Reserve reveals that over $11 million worth of LINK has been accumulated since the program launched in August.
Although the LINK amount in Chainlink Reserve is still small compared to the total supply, it demonstrates the project’s commitment to its long-term strategy.
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This behavior reinforces scarcity sentiment among holders. Community discussions around LINK remain positive despite a 25% price drop in October.
3. Pepe (PEPE)
PEPE, an Ethereum-based meme coin, remains one of the most liquid meme tokens in the market.
Over the past month, investor interest shifted away from meme coins toward privacy coins and perpetual DEX tokens, yet PEPE managed to retain its own appeal.
Data from Santiment shows PEPE’s exchange supply has dropped to its lowest level since 2023, with 86.39 trillion PEPE currently held on exchanges, about 20% of its circulating supply.
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This long-term decline in exchange balances reflects the strong loyalty of holders to the token.
In 2025 alone, the number of PEPE holders rose from 369,000 to over 491,000, according to CoinMarketCap.
The reduction in exchange supply and the rise in holders occurred even as PEPE’s price fell back to its early-year level in October. This means most holders have yet to see profits but continue to hold their tokens.
“If you think PEPE is a bad investment, think again. You can’t reassure diamond hands. I’m one of them. This price level is too good to miss out,” investor Defizard said.
These altcoins show that even in a pessimistic market, investors continue to favor tokens they believe can preserve portfolio value.
Whether leading altcoins or meme tokens, they share common traits — resilience across market cycles, a loyal base of holders, and strong liquidity.
