[Analysis: ETH supply on exchanges continues to decrease as holders remain engaged in staking] According to Cointelegraph, during Ethereum's price consolidation period, the supply of ETH on exchanges has continued to decline, while holders remain actively involved in staking. Data analytics platform Santiment reports that since July 2025, when the ETH balance on exchanges peaked at 12.31 million, the figure has steadily dropped to 8.15 million. Analysts believe that sustained interest in staking amidst reduced market volatility is the primary reason for the decrease in exchange supply. Currently, the total amount of staked Ethereum has exceeded 36 million, accounting for approximately 29% of the circulating supply. The number of ETH queued for staking has reached 3.6 million, with an estimated waiting time of about 63 days. Meanwhile, some major holders continue to accumulate and stake ETH. For instance, Bitmine has staked over 2.5 million ETH, representing approximately 61% of its total holdings.