Ethereum held on major centralized exchanges has fallen 73% to 6.06 million ETH from a June 2020 peak of 22.9 million, according to Santiment, while BitMine expanded its treasury to 5,956,378 ETH. Santiment attributed the shrinking exchange supply to staking, ETF wrappers, corporate treasury adoption and long-term holding, which can reduce readily tradable liquidity without proving sustained demand growth. U.S. Ether ETFs recorded roughly $197 million of inflows in the latest reported week, but Bitfinex said the flows were driven primarily by spot-futures arbitrage rather than fresh directional buying. The strategy involves holding ETF shares while using CME Ether futures to capture differences between spot and futures prices, meaning ETF inflows alone cannot establish that bullish demand for Ether has strengthened. Earlier reports put Ether ETF inflows at $196.9 million from Sept. 7 to Sept. 11, including about $216.4 million in the final session and a further $121 million on Monday, while monthly totals varied by provider and reporting cutoff. BitMine's holdings equal 4.9% of Ethereum's 122 million total supply, including 5,067,309 ETH staked through its MAVAN validator network. Analysts identified $2,567-$2,666 as a key ETH price zone and cited the CLARITY Act vote and Federal Open Market Committee meeting as potential volatility catalysts. CoinMarketCap reported ETH at $2,479.52, down 1.31%.