Ethereum Exchange Supply Plummets 73%, BitMine Nears 5% Treasury Target
Ethereum's exchange supply has plummeted to 6.06 million ETH, down 73% from its June 2020 peak of 22.9 million tokens. This decline reflects a shift in how Ethereum is held, with more tokens now locked away in staking protocols, ETFs, corporate treasuries, and long-term custody solutions.
According to Santiment, the reduction in exchange balances has created a thinner market for large transactions. With fewer coins available for immediate sale, even modest trading flows can now produce outsized price movements.
The $2,567 to $2,666 price range is being closely watched by analysts, who see it as a pivotal battleground. If Ethereum fails to hold above $2,567, it could expose the token to further declines toward $2,150, $2,000, or even $1,800.
BitMine, a digital asset management firm, has been buying Ethereum every week since June 30, 2025. The company now holds 5.96 million ETH, approximately 4.9% of total supply, and is within striking distance of its stated goal of holding 5% of all ETH under its 'Alchemy of 5%' strategy.