TL;DR:
- Only 3.49% of Ethereum’s supply remains on tracked exchanges after another 1.16% moved off platforms since June 1, according to Santiment.
- Around 35% of ETH is staked and roughly $53 billion sits in DeFi, helping explain where coins leaving exchanges are being deployed.
- Gas Used and Priority Fees remain firm, showing onchain demand persists even as tradable supply shrinks, though lower exchange balances do not guarantee higher prices over time.
Ethereum’s tradable supply on centralized exchanges has fallen to a record low, with only 3.49% of total ETH now sitting on tracked platforms. In a Santiment update, the firm said another 1.16% of Ethereum’s supply has moved off exchanges since June 1. The decline means fewer ETH are immediately available for trading or selling, even as network activity remains resilient. The trend extends an earlier multi-year drop in exchange balances that has shifted attention toward staking, self-custody and onchain use.
🚨 Ethereum’s Tradable Supply Keeps Getting Smaller, Makes History
🔒 Ethereum keeps disappearing from exchanges. Just 3.49% of $ETH supply now sits on tracked exchanges, with another 1.16% of total supply moving off since June 1st. Exchange balances were already at their lowest… pic.twitter.com/ipnlhdtQjE
— Santiment Intelligence (@SantimentData) September 24, 2026
Staking and DeFi Absorb More ETH
A growing share of ETH is being used outside exchanges. Around 35% of Ethereum’s supply is estimated to be staked, while roughly $53 billion is locked across DeFi. Staking and DeFi give holders more ways to keep ETH productive without leaving coins near exchange order books. That pattern aligns with Ethereum liquid staking, which has remained a major destination for ETH through changing market conditions.
Corporate treasury strategies are reinforcing the supply shift. BitMine has staked more than 5 million ETH, showing how large holders can remove large amounts of Ether from immediate trading circulation while still earning network yield. Large-scale staking by corporate holders adds structural source of demand for ETH outside exchanges. BitMine’s Ethereum treasury accumulation highlights how treasury strategies increasingly combine long-term exposure with staking rather than leaving tokens idle.
Despite shrinking exchange supply, Ethereum’s network has not shown a comparable slowdown. Gas Used stands near 217.1 billion, up 0.26%, while Priority Fees climbed about 26.74% to roughly $464,000. Higher priority fees suggest users are still competing for block space even as ETH leaves trading platforms. Blocks mined remained nearly unchanged around 7,147, indicating the fee increase came from stronger demand within existing block capacity rather than more block production. Recent record Ethereum transaction activity reinforces that resilience.
Lower exchange balances do not guarantee a higher ETH price. Coins held in staking, DeFi or custody can eventually return to exchanges, and reduced tradable supply matters most when demand rises. The current setup is therefore a supply-and-usage story rather than a standalone bullish signal. If exchange balances keep falling while onchain demand remains firm, Ethereum could become more sensitive to buying pressure because fewer coins are readily available near order books. For now, the network shows that declining exchange liquidity can coexist with sustained onchain participation.
