Ethereum’s exchange supply has fallen sharply over time. There are now 6.06 million ETH on such platforms compared with 22.9 million at the network’s June 2020 peak.
According to Santiment’s estimates, that represents a 73% decline in easily sellable supply.
Ethereum’s Supply Drain
Fewer ETH sitting near order books means less supply available for market sells and panic exits. The decline is supported by ETH moving into staking, ETF wrappers, treasury strategies, and long-term custody.
Validators are also locking the crypto asset to help secure the network. The analytics firm explained that demand does not need to surge for price moves to become stronger. As liquid supply shrinks, even smaller waves of buying can have a larger impact.
ETH remains at a structural inflection point, according to Crypto Patel, who identified the $2,567-$2,666 zone. A rejection could send the crypto asset toward $2,150, $2,000, or $1,800. A confirmed higher-timeframe close above $2,666 could instead open the path toward $3,100 and $4,000.
Meanwhile, Daan Crypto Trades stated that the asset has been on another “rollercoaster” ahead of the CLARITY Act vote and FOMC. Traders have been pre-positioning around the uncertainty. That has created high volatility and caused both sides to get taken out. The analyst sees little hope around the vote right now. If the vote fails or gets pulled, more downside is expected, followed by chop into the FOMC. After that, price action could become somewhat more normal again.
A Growing Treasury
One company in particular has been steadily adding to its Ethereum position. BitMine now holds 5,956,378 units after adding 27,180 tokens over the past week.
That gives the company 4.9% of Ethereum’s 122 million total supply. Its stated goal is to reach 5% under its Alchemy of 5% strategy. It has reached 98% of the way toward the target after buying the token every week since June 30, 2025. Most of its treasury is already staked. The company has 5,067,309 units locked through its MAVAN validator network. That is about 85% of its ETH holdings.
Tom Lee expects annualized staking revenue to reach $334 million. The estimate rises to $392 million once the entire ETH treasury is staked. Bitmine’s total crypto, cash, and moonshot holdings stood at $15.8 billion.
Separately, Ethereum ETFs recorded nearly $197 million in net inflows last week. The final trading session saw $216.4 million flow into the funds, which more than offset earlier outflows. The bullish momentum has carried into the new week. Monday brought another $121 million in net inflows, which pushed the monthly total closer to $450 million.
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