The supply of Ethereum (ETH) on exchanges has continued to decline, with holders increasingly participating in staking activities. Data from Santiment reveals that the exchange supply of ETH has fallen from a peak of 12.31 million in July 2025 to 8.15 million. This trend is attributed to the growing interest in staking amid reduced market volatility. Currently, over 36 million ETH are staked, representing about 29% of the circulating supply. Additionally, 3.6 million ETH are queued for staking, with an estimated wait time of 63 days. Notably, large holders like Bitmine have significantly increased their staking activities, with Bitmine staking over 2.5 million ETH, which is 61% of its total holdings.