Santiment posted on X Tuesday sharing Sanbase data that shows Ether held on exchanges fell from 12.31 million tokens in July to 8.15 million recently, as holders lock more ETH for staking. This decline comes while Ether’s price has stayed roughly between $2,801 and $3,034, according to CoinGecko.
Analysts expect exchange balances to keep shrinking if price action stays muted and staking remains attractive. “As staking continues to be of strong interest, especially while markets move sideways, exchange supply will continue to shrink as well,” the post stated in the X update (view).
The Ethereum Validator Queue estimates 3.6 million ETH are waiting to enter staking, with a roughly 63-day forecasted wait, versus about 44,448 tokens queued to exit and an 18-hour wait. (Ed. note: long entry waits reduce available liquid supply and can tighten markets.)
Over 36 million ETH are now staked, about 29% of supply, per beaconcha.in and Dune Analytics, up from roughly 35 million in June.
Data firm Lookonchain reported that Bitmine staked another 250,912 ETH, bringing its total to more than 2.5 million ETH, about 61% of its holdings (reported). Lookonchain also said four staking wallets withdrew over 26,000 ETH from Binance, possibly to accumulate or stake (reported).
Ether’s 24-hour trading volume was around $23.54 billion, per CoinMarketCap.
