Ether on exchanges falls as staking demand grows, Santiment says

Ether held on crypto exchanges has declined over the past six months, Santiment said in an X post on Tuesday, falling from 12.31 million ETH on exchanges in July to 8.15 million tokens most recently. Santiment analysts said exchange balances could continue to decline as price movements remain muted and more ETH is sent for staking.

Ether has been drifting between $2,801 and $3,034 in the last seven days, according to CoinGecko. “As staking continues to be of strong interest, especially while markets move sideways, exchange supply will continue to shrink as well,” they said. The Ethereum Validator Queue estimates the staking entry queue is jam-packed, with 3.6 million tokens lined up to be staked and a forecasted 63-day wait, compared with 44,448 tokens waiting to exit and an 18-hour wait.

The network limits how many validators can enter and exit per epoch to protect stability. Total staked Ether is over 36 million, roughly 29% of the supply, according to beaconcha.in and Dune Analytics, up from 35 million in June. Data analytics firm Lookonchain reported that Bitmine staked another 250,912 Ether from its treasury, bringing its total staked to more than 2.5 million tokens, which Lookonchain said represents about 61% of Bitmine’s holdings.

Lookonchain noted the treasury firm began staking in December with a 74,880 Ether transfer.

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