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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, market sells, and panic exits. The supply drain has real support. ETH is being pulled into staking, ETF wrappers, treasury strategies, and long-term custody, with validators locking ETH to secure the network. The signal is simple. Demand doesn’t need to explode when liquid supply keeps shrinking, because smaller buying waves can move price harder when fewer coins are ready to sell. Live Chart: https://app.santiment.net/charts/eth-supply-on-exchanges-32107?utm_source=x&utm_medium=post&utm_campaign=eth_supply_on_exchanges_b_091426&aff=3
