Exchange supply of ETH shrinks amid sideways price, more staking

The validator entry queue for the Ethereum network is jam-packed, with 3.6 million tokens lined up to be staked with a forecasted 63-day wait.

Ether held on crypto exchanges has declined over the last six months as the price of Ether has held steady, while holders are continuing to participate in staking, according to Santiment.

In an X post on Tuesday, Santiment shared data from Sanbase showing that after July saw the highest amount of Ether (ETH) on exchanges with 12.31 million tokens, the amount has steadily declined to 8.15 million.

Santiment analysts predict that the amount of Ether on exchanges 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.

Read more