Ethereum exchange reserves fell to an all-time low of 15.9 million ETH by early March, with Binance accounting for nearly half of February's record outflows.
The validator staking queue surged to roughly 3.4 million ETH up fourfold since January with new validators facing an estimated 60-day wait.
Despite the supply squeeze, derivatives data show whales are net sellers and Ethereum spot ETFs saw outflows in February, leaving the price stuck near $2,000.