Analysis: The supply of ETH on exchanges continues to decrease, yet holders continue to participate in staking.

PANews reported on January 29th that, according to Cointelegraph, the supply of ETH on exchanges has continued to decrease during the period of sideways price movement, while holders continue to participate in staking. A report from data analytics platform Santiment shows that since reaching a high of 12.31 million ETH in July 2025, the number has steadily declined to 8.15 million. Analysts believe that the continued interest in staking is the main reason for the reduced supply on exchanges, against the backdrop of easing market volatility.

Currently, the total amount of Ethereum staked has exceeded 36 million, accounting for approximately 29% of the circulating supply. There are 3.6 million ETH waiting in the queue for staking, with an estimated waiting time of about 63 days. Meanwhile, some large holders continue to increase their ETH holdings and staking; for example, Bitmine has staked over 2.5 million ETH, representing approximately 61% of its total holdings.