ETH Is Leaving Exchanges at a Record Pace — Here’s Where the Supply Is Going

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Ethereum keeps disappearing from exchanges, and the pace is picking up. Just 3.49% of ETH supply now sits on tracked exchanges. Another 1.16% of total supply has moved off since June 1 alone.

The Numbers Behind the Disappearance

Sanbase’s exchange flow balance chart tracks this shift in real time. Exchange balances were already sitting at their lowest levels since Ethereum’s earliest years this summer.

The trend hasn’t slowed since. Fewer coins on exchanges means fewer coins sitting one click away from being sold. It doesn’t guarantee higher prices. 

But it shrinks the pool of ETH readily available to hit the market during the next wave of selling.

Institutions Are a Big Piece of This Puzzle

Some of this outflow traces back to a small number of very large buyers. Bitmine added 65,341 ETH in a single week earlier this year, pushing its total holdings to 4.66 million tokens, roughly 3.86% of Ethereum’s entire supply at the time. 

That single firm has kept buying since, and more than 3.1 million of its ETH already sits staked rather than sitting on exchanges. 

Bitmine has also moved to raise fresh capital through a preferred stock offering, with proceeds earmarked for more ETH purchases and expanded staking infrastructure.

Where the Supply Is Going

Staking and DeFi explain most of the disappearing act. Roughly 35% of ETH is estimated to be staked right now. Ethereum currently holds about $53 billion in DeFi value. 

Both give holders real reasons to earn yield, lend, provide liquidity, or simply keep their ETH working onchain instead of parked on an exchange.

Weekly Chart Shows the Rally Cooling Slightly

ETH traded at $2,668.38 as of 07:42 UTC on September 25, 2026, up 7.2% over seven days, per CoinGecko. 

The chart shows a sharp climb from below $2,500 on September 19 to a fresh high above $2,790 on September 22 and 23. Price has pulled back since, settling near $2,668. 

That’s a healthy cooldown after a strong run, not a breakdown, with price still holding well above where the week began.

What Happens If Demand Picks Up From Here

If demand strengthens while available exchange supply stays this scarce, buyers have fewer immediately available coins to compete for. 

That’s the setup building right now. Ethereum doesn’t need a huge surge in demand for this to matter. 

With exchange balances already this thin, even a moderate pickup in buying could move price further than it would have a year ago.

Disclaimer:
This article is for informational purposes only and does not constitute financial, investment, or trading advice. The views expressed are based on publicly available data, market observations, and the author’s interpretation at the time of writing. Cryptocurrency markets are highly volatile and unpredictable, and past performance or current technical setups do not guarantee future results. Readers should conduct their own research and consult with a qualified financial advisor before making any investment decisions. TechGaged does not accept liability for any losses incurred based on the information presented.

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