Ethereum Exchange Reserves Drain as Smart Contract Deployments Surge

Ethereum's exchange reserves are experiencing a significant drop, with $25.6 million being drained per week.

This decline is part of a broader trend where staking now accounts for more than 30% of the total ETH supply.

Meanwhile, smart contract deployments have surged by approximately 50% above the three-month trailing average around August 5-7.

This surge in contract deployment indicates that developers are still betting on Ethereum as their platform of choice, which could contribute to increased demand for the token.