Only 3.49% of Ethereum is held on tracked crypto exchanges, a record low after another 1.16% of supply moved off those platforms since June 1, according to Santiment. The decline reduces the amount of ETH immediately available for trading or selling, although lower exchange balances do not guarantee higher prices. Santiment attributed the trend partly to staking (locking crypto to earn rewards) and DeFi (decentralized financial applications), with about 35% of Ethereum estimated to be staked and roughly $53 billion locked in DeFi. Long-term holders and large treasury holders are also keeping ETH away from exchange order books; BitMine reported staking more than 5 million ETH earlier this month. Ethereum rose from about $1,900 to $2,800 within a month before retreating toward $2,660. Network activity remained firm, with CryptoQuant reporting Gas Used at about 217.1 billion, up 0.26%, and Priority Fees near $464,000, up 26.74% over the previous day. Blocks Mined was almost unchanged at about 7,147, indicating stronger fee competition for existing block space rather than a major increase in block production. CryptoQuant identified $2,600-$2,650 as an important support zone; holding that area while activity and fees remain elevated could allow ETH to move back toward $2,700-$2,800.