45% Secured, Price Drop: The Ethereum Paradox

There is data that was overlooked in the market during the significant decline.

Sygnum pointed out in its investment outlook for the first quarter of 2026: about 45% of ETH is currently secured or difficult to sell. The number of ETH held on exchanges has decreased by 14.5% this quarter, continuing a trend that has lasted for many years.

ETFs hold about 10% of the total ETH. Listed companies own more than 6100000 pieces, which represents 5% of the circulating supply.

Total: 45% Secured + 10% ETF + 5% Listed Companies = 60% of ETH theoretically will not be sold.

But how much has ETH dropped since the beginning of the year until now? From around $3,500 to $2,305. The decline is over 34%.