Ethereum Supply Hits 10-Year Low as Holders Embrace DeFi and Staking Options

On March 21st, data from the renowned crypto market analysis firm Santiment revealed a significant decline in Ethereum’s available supply on exchanges, now resting at just 8.97 million coins. This level marks the lowest availability in almost a decade, reminiscent of the previous low recorded in November 2015. The reduction in Ethereum supply highlights a burgeoning interest in DeFi and staking opportunities, which are increasingly attracting investors. Notably, in a mere span of seven weeks, the volume of ETH held on exchanges plummeted by 16.4%. This trend indicates a growing shift among holders towards more long-term strategies, potentially signaling a robust sentiment in the market as participants opt to leverage their holdings for earning opportunities rather than trading them. Such dynamics underscore the evolving landscape of cryptocurrency investments as participating entities pivot towards more sustainable financial models.