Ethereum Sees Less Exchange Supply and Higher Fees
Santiment and CryptoQuant see less ETH on exchanges and higher priority fees, while staking, DeFi, and Binance reserves support network activity.
Key Takeaways
- Only 3.49% of ETH supply is still on tracked exchanges, while exchange reserves have kept falling since January.
- Demand for block space is rising: priority fees jumped 26.74% in one day to about $464,000.
- Ethereum is trading around $2,678, after rising about 8% in a week, while mainnet fees remain low.
Ethereum is showing three more signs of steady demand, even as the price has pulled back a bit after a strong run. ETH previously climbed from around $1,900 (€1,670) to $2,800 (€2,460) and is now trading around $2,678 (€2,360), about 8% higher than a week ago.
Less ETH on Exchanges
According to Santiment, only 3.49% of ETH supply is still on tracked exchanges. Since June 1, another 1.16% of the total supply has been pulled off these platforms. The drop fits into a longer trend: exchange reserves have kept falling since January and are now at a multi-year low of about 15.5 million ETH.
That matters because fewer coins are sitting there ready to sell right away. Santiment points out that staking and DeFi explain a big part of that outflow. About 35% of ETH is now staked, while Ethereum is holding roughly $53 billion (€46.6 billion) in DeFi value, according to the data. Corporate reserves are also playing a role. BitMine holds 5.98 million ETH and has staked 85% of it. That corporate accumulation lines up with BitMine's recent extra purchase, which increased its position even further.
More Demand for Block Space
On the demand side, CryptoQuant is seeing higher priority fees. They rose 26.74% in one day to about $464,000 (€408,200). At the same time, gas usage only ticked up slightly, by 0.26% to about 217.1 billion, while the number of mined blocks stayed around 7,147. That suggests users are paying more to get through the queue faster.
One more context point is that mainnet fees have dropped sharply over the past period. Average transaction costs are now below $1 (€0.88) for standard ETH transfers and below $3 (€2.64) for many DeFi actions. That is tied to more activity on Layer 2 networks and more efficient use of the main chain.
Binance Reserves Refill
A recovery is also visible in stablecoin reserves on Binance. XWIN Japan saw the ERC-20 stablecoin supply rise to about $43.8 billion (€38.5 billion), after hitting a low around $42 billion (€36.9 billion) in August. That is still below the roughly $49 billion (€43.1 billion) seen earlier this year.
Those reserves are often seen as potential buying power for Bitcoin and other crypto. At the same time, the analysts warn that this money could also just sit there or be used for derivatives positions. For European crypto followers, the main takeaway is that Ethereum stands out here not just as a price story, but also as a network with less freely tradable supply and still solid on-chain activity.
