Ethereum

<h2 id="ethereum-news">Ethereum News</h2>
Ethereum held on crypto exchanges has declined over the last six months while the price has held steady, as holders continue to participate in staking, <a href="https://x.com/santimentfeed/status/2016229119487340916" rel="noopener noreferrer nofollow">according</a> to Santiment. After July saw the highest amount of Ethereum on exchanges with 12.31 million tokens, the amount has steadily declined to 8.15 million.
Santiment analysts predict the amount of Ethereum on exchanges could continue to decline as price movements remain muted and more Ethereum is sent for staking. Ethereum has traded between $2,801 and $3,034 in the last seven days. As <a href="https://coinmarketcap.com/academy/glossary/staking" rel="noopener noreferrer nofollow">staking</a> continues to be of strong interest, especially while markets move sideways, exchange supply will continue to shrink.
Blockchain explorer Ethereum Validator Queue estimates the entry queue is near capacity as of Thursday, with 3.6 million tokens lined up to be staked and a forecasted 63-day wait, compared with 44,448 tokens waiting to exit and an 18-hour wait. The Ethereum network has a limit on how many validators can enter and exit staking per epoch to protect network stability.
The total amount of staked Ethereum is over 36 million, representing roughly 29% of the supply according to beaconcha.in and Dune Analytics, up from 35 million in June. Ethereum is a <a href="https://coinmarketcap.com/academy/glossary/proof-of-stake-pos" rel="noopener noreferrer nofollow">proof-of-stake </a>network that requires validators to stake the token to help secure the network.
Some Ethereum stakers also appear to be buying up more of the supply. Lookonchain said four staking wallets withdrew over 26,000 tokens from an exchange on Tuesday and speculated they were accumulating more tokens. The trading volume for Ethereum on CoinMarketCap on Thursday was <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">around</a> $23.54 billion, down from more than $27 billion a day earlier.
Unstaking is often seen as a sign that validators are looking to free up Ethereum for sale, while staking could be seen as a sign of confidence in the asset, as it requires tokens to be locked up. BitMine is committing more of its treasury to staking, with data analytics firm Lookonchain reporting the company staked another 250,912 Ethereum from its stash.
Lookonchain estimates BitMine has now staked more than 2.5 million tokens, representing about 61% of its total holdings. The Ethereum treasury firm started staking its stash in December with a transfer of 74,880 Ethereum.

Ethereum Exchange Supply Drops as Staking Queue Hits 63 Days

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