Ethereum Exchange Supply Plummets by 73%
Ethereum's exchange supply has dropped significantly over time. As of now, there are 6.06 million ETH on exchanges compared to 22.9 million in June 2020, a decline of 73%. This reduction is attributed to Ethereum being moved into staking, ETF wrappers, treasury strategies, and long-term custody. Validators are also locking the asset to secure the network.
According to Crypto Patel, ETH remains at a structural inflection point, with the $2,567-$2,666 zone identified as crucial. A rejection in this range could send the price toward $2,150, $2,000, or $1,800, while a confirmed higher-timeframe close above $2,666 could open the path toward $3,100 and $4,000.
BitMine has been steadily adding to its Ethereum position, with 27,180 tokens added over the past week. This brings their total holdings to 5,956,378 units, accounting for 4.9% of Ethereum's 122 million total supply. The company aims to reach 5% under its Alchemy of 5% strategy and has already staked most of its treasury.
The estimate of annualized staking revenue by Tom Lee is $334 million, which could rise to $392 million once the entire ETH treasury is staked. Ethereum ETFs recorded nearly $197 million in net inflows last week, with Monday's trading session bringing another $121 million in net inflows.