Ethereum exchange supply has dropped 73% since June 2020, now at 6.06M ETH, with major holders accumulating and ETFs driving bullish sentiment.
Macro & Markets ·
Ethereum's exchange-held supply has declined 73% since June 2020, falling from 22.9 million ETH to 6.06 million ETH, according to Santiment's estimates cited in recent analysis. The reduction reflects ETH moving into staking, ETF wrappers, and long-term custody arrangements, leaving less liquid supply available for immediate sales. This structural shift means smaller buying volumes can produce outsized price movements without requiring a surge in overall demand.
Technical resistance has been identified between $2,567 and $2,666, with potential downside targets at $1,800 should confirmation fail at the upper range. BitMine has accumulated 5,956,378 ETH—98% of its stated 5% supply target—while maintaining approximately 85% of holdings in staked form through its validator network. Ethereum ETFs recorded $197 million in net inflows last week, including $216.4 million in the final session, with momentum continuing into the new week at $121 million in additional inflows.
Market sentiment reflects positioning ahead of pending policy decisions, though volatility remains elevated and outcomes from legislative and monetary votes remain uncertain.