[Sygnum: Ethereum Supply Tightens, 45% of ETH Locked] According to a report by TheDefiant cited by Jinse Finance, Sygnum highlighted in its Q1 2026 investment outlook that approximately 45% of ETH is currently locked or difficult to sell. The amount of ETH held by exchanges decreased by 14.5% this quarter, continuing a multi-year downward trend. At the same time, exchange-traded funds (ETFs) currently hold about 10% of the total ETH supply, while publicly listed companies hold over 6.1 million ETH, accounting for approximately 5% of the circulating supply. The report noted that the reduction in supply could lead to greater price volatility, but this would only occur if demand increases.