Ethereum held on major centralized exchanges has fallen about 73%, from a 2020 peak of 22.9 million ETH to 6.06 million ETH, according to on-chain analytics firm Santiment. The firm attributed the decline to staking (locking crypto to earn rewards), ETFs, corporate treasury adoption and long-term holding, saying exchange-held ETH has continued to shrink. Santiment said that even without a substantial increase in market demand, reduced exchange supply can amplify price volatility when buying pressure is relatively small. ETH was trading at $2,479.52, down 1.31%, according to CoinMarketCap.