Ether held on crypto exchanges has fallen sharply over the past six months despite largely sideways prices, as more holders move tokens into staking, according to data from Santiment.
Santiment said Ether on exchanges dropped from a peak of 12.31 million tokens in July to about 8.15 million, even as the price traded in a narrow range over recent weeks.
“As staking continues to be of strong interest, especially while markets move sideways, exchange supply will continue to shrink as well,”
Santiment analysts said.
Staking demand is reflected in Ethereum’s crowded validator entry queue, with around 3.6 million ETH waiting to be staked and an estimated 63-day entry delay, far exceeding exit demand.
The total amount of staked Ether has climbed above 36 million tokens, representing roughly 29% of supply, underscoring growing confidence in the Ethereum proof-of-stake network.
Corporate participation is also rising, with Ether treasury firm Bitmine staking more than 2.5 million ETH, or about 61% of its total holdings, according to on-chain data.
On the retail side, on-chain analysts observed several staking wallets withdrawing large amounts of ETH from exchanges, while overall trading volumes declined, reinforcing signs of reduced liquid supply.
At the time of reporting, Ethereum price was $2,951.77.