Ethereum Exchange Balances Reach Record Low Amid Stronger Demand
Ethereum exchange balances have reached a record low after another 1.16% of supply moved off trading platforms since June 1.
This leaves fewer tokens immediately available for trading or selling, according to Santiment. The decline is largely driven by staking and decentralized finance (DeFi), with about 35% of Ethereum estimated to be staked and around $53 billion locked in DeFi.
Long-term holders and large treasury firms are also contributing to the decline. For example, BitMine reported earlier this month that it had staked more than 5 million ETH.
CryptoQuant reported that Ethereum Gas Used stood near 217.1 billion, up 0.26%, suggesting demand for block space had not fallen sharply during the recent price correction. Priority Fees reached about $464,000, a 26.74% daily increase, showing stronger competition for transaction inclusion.