Exchange ETH Supply Drops as Staking Rises; 3.6M ETH Queue Nears 63-Day Wait

Published: 2026-01-29 06:44:33 |

Santiment data shows exchange ETH balances fell from a July 2025 peak of 12.31M ETH to about 8.15M ETH as staking demand rose and market volatility cooled. Total staked ETH now exceeds 36M (roughly 29% of supply). About 3.6M ETH are queued to enter staking with an estimated wait near 63 days, while only ~44,448 ETH await exit with a short wait time. Large stakers continue adding positions: Bitmine has staked roughly 2.5M ETH (about 61% of its holdings), and on-chain alerts flagged ~26,000 ETH withdrawn from Binance potentially for staking or accumulation. ETH spot volume recently softened to roughly $23.5B. For traders: shrinking exchange supply and a growing staking queue remove liquid ETH from spot markets, reducing immediate sell pressure and increasing the potential for amplified price moves if demand re-emerges. Monitor exchange balances, staking queue length, large-staker flows, and trading volume for signals of directional risk. This report is for market information only and not investment advice.

Bullish

The net effect of materially lower ETH balances on exchanges and rising staking participation is reduced liquid supply available to the spot market. With more ETH locked (over 36M) and roughly 3.6M queued to stake for an extended period (~63 days), immediate sell-side capacity is constrained. Large stakers (e.g., Bitmine) continuing to stake and on-chain withdrawals from exchanges imply sustained demand to remove ETH from circulation. Short-term price action may remain muted while traders digest lower liquidity and subdued volume, but the structural tightening increases the probability that renewed buying pressure will push prices higher and produce amplified moves. Consequently, the balance of risks for ETH’s price skews bullish—reduced supply lowers downside liquidity and raises upside vulnerability if demand returns. Traders should watch exchange reserves, staking queue changes, large withdrawals, and volume as triggers for potential price acceleration.