Ethereum holders are withdrawing ETH from exchanges at an unprecedented pace. According to Santiment data, the supply available on trading platforms dropped 73% from its June 2020 peak, when 22.9 million ETH were circulating in those environments.
Today, only 6.06 million tokens remain on exchanges, drastically reducing the Ethereum volume available for panic selling and quick market exits.
🔒 Ethereum’s exchange supply keeps disappearing. This chart shows 6.06M ethereum:native on exchanges now, down from 22.9M at the network’s June 2020 peak.
📉 That’s a 73% drop in easily sellable exchange supply. Less ETH on exchanges means fewer coins sitting near order books,… pic.twitter.com/KGtbU3OVW2
— Santiment Intelligence (@SantimentData) September 14, 2026
The phenomenon is driven by multiple factors: staking, ETFs, corporate treasury strategies, and long-term custody. Santiment warned that, with less available liquidity, even modest buying waves can generate more pronounced price movements.
BitMine exemplifies this trend: the company holds approximately 5,956,378 ETH, equivalent to 4.9% of Ethereum’s total supply, with 85% of that position already staked through its validator network MAVAN. Its goal is to reach 5% under the strategy known as Alchemy of 5%.
Meanwhile, Ethereum ETFs recorded nearly $197 million in net inflows last week. On Monday they added another $121 million, bringing the monthly total close to $450 million. Tom Lee projects annualized staking income of $334 million, a figure that would scale to $392 million once BitMine’s entire treasury is locked.
Source: https://x.com/SantimentData/status/2099557739496178133
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