38M ETH Staked as Exchange Outflows Hit ₱100.62 billion ($1.67 billion)
Exchange balances have dropped to lows unseen since 2016 as investors move coins to private wallets and staking platforms. With 38 million ETH now locked in staking contracts representing 33% of total supply, the shrinking liquid pool could amplify price volatility.
Key Takeaway
One-third of all ETH is now staked, shrinking liquid supply to levels that could amplify price moves.
Crypto analyst Amr Taha flagged a ₱100.62 billion ($1.67 billion) ETH withdrawal from OKX on March 22, capping a quarter that saw two separate Binance outflows topping ₱18.08 billion ($300 million) each. February recorded 31.6 million ETH leaving major exchanges—the biggest monthly outflow since November—with Binance accounting for 14.45 million ETH, OKX for 3.80 million ETH, and Kraken for 1 million ETH.
Binance's ETH reserves hit their lowest level since 2020. Exchange balances overall dropped to lows not seen since 2016, driven by investors moving coins to private wallets and staking platforms that lock tokens out of circulation.
Staking infrastructure provider Everstake said a steady drop in liquid supply combined with ongoing demand sets up conditions for a structurally firmer price floor. The 38 million ETH locked in staking represents roughly 33% of total supply—a record high that shrinks the pool of coins available for spot trading.
Technical analyst Trader Tardigrade posted on March 25 that ETH might have quietly broken out of a cup-and-handle formation. The pattern requires ETH to clear its 50-day exponential moving average and key Fibonacci levels, with the token trading near ₱131,407 ($2,181) as of March 25.
Thinning exchange balances can sharpen price swings when market activity picks up, since fewer coins remain ready to be sold. Multiple analysts said Ethereum remains in an accumulation phase and has not yet entered an established uptrend, despite rising derivatives activity and improving momentum readings on March 25.
This article was written based on reporting from NewsBTC.
