Santiment reported that the share of Ethereum held on tracked exchanges has dropped to 3.49% of the total supply, marking the lowest level since ETH's early years.

About 35% of ETH is Staked

Approximately 35% of all ETH is staked, while around $53 billion is locked in DeFi on the Ethereum network.

Lower Exchange Balances Limit Sell-Side Supply

The smaller the amount of ETH held on exchanges, the fewer coins are available for immediate sale; if demand increases, this limited supply could potentially amplify price movements.