The available Ethereum supply on centralized exchanges has fallen to its lowest point since November 2015 with only 8.97 million ETH out there.
Ethereum owners are increasingly locking their assets in staking protocols rather than leaving them on exchanges, resulting in a 16.4% decrease in ETH's exchange supply.
Ethereum's price has declined 47% from its December high, attributed to growing competition from Ethereum's own layer-2 networks and declining fee revenue.
One possible driver for Ethereum's potential rebound could be ETFs that include staking, but institutional demand for spot Ether ETFs remains tepid.