Ethereum Supply Dives to Record Low Amid Price Surge
Ethereum's (ETH) supply on exchanges has hit a record low as its price gains around 10% over the past month, trading above $2,600. This decline in exchange balances means there is less ETH immediately available to be sold.
Santiment Intelligence data shows that only 3.49% of Ethereum's total supply now sits on tracked exchanges. Additionally, about 1.16% of total ETH supply has moved off exchanges since June, further reducing the readily tradable supply if demand strengthens.
Some of these coins are being absorbed by staking and decentralized finance (DeFi) platforms. Santiment estimates that roughly 35% of ETH is staked, while Ethereum holds around $53 billion in DeFi value, providing investors with incentives to keep their holdings deployed on chain rather than on exchanges.
Large treasury holders have also turned to staking, such as BitMine Immersion Technologies (BMNR), which reported more than 5 million ETH staked earlier this month.