Sygnum report: 45% ETH locked in, exchange holdings decrease by 14.5%

According to Sygnum's investment outlook for the first quarter of 2026, approximately 45% of ETH is currently locked in or difficult to sell, and the amount of ETH held by exchanges has decreased by 14.5% this quarter, continuing a multi-year downward trend. Exchange traded funds (ETFs) hold approximately 10% of the total ETH, while listed companies hold over 6.1 million ETH, accounting for 5% of the circulating supply. The report mentions that a decrease in supply may lead to price fluctuations, but it will only occur with an increase in demand.