Ethereum exchange balances have dropped approximately 10%, from 16.86 million to 15.12 million ETH, while staking now absorbs over 34% of circulating supply. Spot ETH ETFs attracted roughly $482 million in the four weeks to August 7, bringing cumulative net inflows to approximately $11.46 billion. Stablecoin flows show a clear rotation toward Ethereum, with USDT on Ethereum rising 210% weekly while Tron-based USDT on Binance fell from $1.4 billion to $709 million. Despite tightening supply and growing onchain activity, ETH remains range-bound between $1,800 and $2,000, with the Coinbase Premium Index holding negative since early May, suggesting conviction remains too thin to trigger a breakout.
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