Ethereum's total supply has dropped by over 66,000 ETH since the start of 2023, making it deflationary, as the latest Shanghai upgrade progresses. Currently, just 10.31% of existing ETH is on exchanges, the lowest level since July 2015, according to on-chain analytics provider Santiment. Almost 90% of Ethereum is now off exchanges, as regulators struggle to classify ETH as a security or commodity. The amount of ETH being held in self-custody and away from exchanges is at its highest level since the token was introduced nearly eight years ago, indicating confidence from hodlers.

(By Jordan Major)