Ethereum exchange supply falls to record-low 3.49%

Ethereum's exchange supply has fallen to a record low of 3.49% of total supply, according to Santiment.
Since June 1, approximately 1.16% of total $ETH supply has moved off exchanges. Declining exchange balances can reduce the amount of ETH immediately available for trading and selling.
The trend is a constructive onchain supply signal, although exchange outflows alone do not guarantee higher prices because assets can leave exchanges for multiple reasons.