Ethereum’s supply sitting on exchanges has dropped from 22.9 million to 6.06 million units, a 73% decline in easily sellable supply. This contraction is driven by a massive shift toward staking, ETFs, treasury strategies, and long-term custody. BitMine has increased its holdings to 5,956,378 ETH, representing 4.9% of the total supply of 122 million tokens, with 85% already staked through its MAVAN validator network. Ethereum ETFs recorded $197 million in net inflows last week, plus an additional $121 million on Monday. With less ETH available in liquid supply, even modest buying waves could exert a larger impact on price.
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