Ethereum Reserves on Exchanges Fall to Six-Month Low
The total amount of Ethereum held on centralized exchanges has dropped to its lowest level in half a year. On-chain analytics firm Nansen reported that just 26.5 million ETH—worth around $49 billion—is currently held on exchanges, marking a 10% decline since the start of 2023.
The shift away from custodial platforms has been steady since the FTX collapse in late 2022, as investors seek safer storage alternatives and better yield opportunities.
Coinbase remains the largest holder among exchanges, accounting for 31% of all exchange-held ETH (7.91 million ETH), followed by Binance at 19% (4.78 million ETH) and Bitfinex at 8.3%.
Staking and Self-Custody Lead the Shift
Much of the Ethereum leaving exchanges has been redirected toward staking and self-custody. Data from Glassnode revealed that the 1.55 million ETH withdrawn from the Beacon Chain after the Shanghai (Shapella) upgrade has not resulted in significant inflows to exchanges, indicating minimal sell pressure.
Withdrawals have stabilized between 300 and 700 per day following an initial surge, while Lido and Coinbase have emerged as leading staking providers. Lido holds a dominant 33.5% market share, with Coinbase following at 11.5%. Kraken accounted for the largest wave of withdrawals—roughly 32%—after shutting down its staking service under SEC orders.
Stable Consensus, Modest Price Movement
Glassnode analysts noted that Ethereum’s proof-of-stake system remains stable, with both validator inflows and exits behaving as expected post-upgrade.
Despite the positive on-chain indicators, ETH has seen mild price declines, slipping 1.2% to around $1,842. After briefly touching $2,000 over the weekend, resistance remains strong. Ethereum is now 13% below its 2023 high and over 60% down from its all-time peak, with short-term support near $1,800.
