According to Santiment, ether held on cryptocurrency exchanges has declined over the past six months as the price of ether remains flat while holders continue to participate in staking.
In Tuesday’s post on X, Santiment common data from Sanbase showing that after July, when the largest amount of Ether (ETH) was recorded on the exchanges with 12.31 million tokens, this number systematically decreases to 8.15 million.
Santiment analysts predict that the amount of Ether on exchanges may continue to decline as price movements remain muted and more ETH is sent for staking. Over the last seven days, the price of ether has fluctuated between $2,801 and $3,034, According to this CoinGecko.
“As staking continues to be in high demand, especially during sideways market trends, supply on exchanges will also decline,” they said.
The Ether staking input queue has a 63-day wait
Blockchain Explorer Ethereum validator queue estimates the entry queue is almost full as of Thursday, with 3.6 million tokens in the queue to be staked, and the expected wait time is 63 days, compared to 44,448 tokens waiting to exit and an 18-hour wait.
The Ethereum network has a limit on the number of validators that can enter and exit staking per epoch to protect the stability of the network.
The total amount of ether staked is over 36 million, which is approximately 29% of the supply, According to to beaconcha.in and Dune Analytics, up from 35 million in June.
Ethereum is a proof-of-stake network that requires validators to stake a token to secure the network. Staking is often seen as a sign that validators want to release Ether for sale, while staking can be seen as a sign of trust in the asset by requiring it to be locked up.
Tom Lee’s BitMine has 2.5 million ETH staked
BitMine dedicates most of its treasury to staking. Data analytics company Lookonchain reported BitMine staked another 250,912 Ether from the company’s vault.
In total, Lookonchain estimates that BitMine currently has over 2.5 million tokens staked, representing approximately 61% of its total holdings.
Related: The number of Ethereum L1 transactions has reached 2.2 million per day; each costs about 17 cents
The Ether treasury company began investing in its holdings in December, transferring 74,880 Ether.
Some Stakers accumulate Aether
Some players in the Ether market also appear to be buying more supply. Lookonchain he said four staking wallets withdrew more than 26,000 tokens from Binance on Tuesday and speculated that they were hoarding more tokens.
Ether trading volume on CoinMarketCap on Thursday was around $23.54 billion, up from more than $27 billion a day earlier.
Warehouse: One indicator shows that the cryptocurrency is currently in a bear market: Carl “The Moon”
