Santiment said Ethereum balances held on exchanges currently stand at about 6.06 million ETH, down sharply from the network peak of 22.9 million ETH in June 2020. The firm attributed the outflows to staking, ETFs, treasury strategies, and long-term custody. It added that with less immediately sellable supply sitting on exchanges, even smaller buying pressure could have a larger effect on price. The update points to a continued reduction in liquid ETH available for sale on trading venues, based on Santiment’s reading of exchange-held supply.
Santiment said in a post on X that Ethereum balances on exchanges currently total about 6.06 million ETH, down from 22.9 million ETH at the network peak in June 2020, a decline of about 73%.
The analytics firm linked the outflows to staking, ETFs, treasury strategies, and long-term custody. It also said that with less immediately sellable supply available, smaller buy orders could have a bigger impact on price.
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