Ethereum held on exchanges has fallen to 6.06 million ETH from a June 2020 peak of 22.9 million, a 73% decline in easily sellable supply, according to Santiment. The reduction reflects ETH moving into staking (locking crypto to earn network rewards), ETF wrappers, treasury strategies and long-term custody, while validators lock tokens to secure the network. Santiment says reduced liquidity means smaller buying waves could have a greater effect even without a sharp demand surge. Crypto Patel identified $2,567-$2,666 as a key zone: rejection could expose ETH to $2,150, $2,000 or $1,800, while a confirmed higher-timeframe close above $2,666 could open a path toward $3,100 and $4,000. Daan Crypto Trades said traders have been positioning around the CLARITY Act vote and the FOMC (Federal Open Market Committee), producing high volatility. The analyst expects further downside and choppy trading if the vote fails or is withdrawn, with price action potentially normalizing after the FOMC. BitMine now holds 5,956,378 ETH after adding 27,180 tokens over the past week, representing 4.9% of Ethereum's 122 million total supply. Its Alchemy of 5% strategy targets a 5% holding, and the company says it is 98% of the way there after weekly purchases since June 30, 2025. Most of the treasury is staked through 5,067,309 ETH locked in its MAVAN validator network. Ethereum ETFs also recorded nearly $197 million in weekly net inflows, including $216.4 million in the final session and a further $121 million on Monday, taking the monthly total closer to $450 million.