Definition. This chart presents the share of the circulating ETH supply held within exchange balances, within smart contracts, or staked on the Beacon Chain, drawn as a stacked composition:

• 🟠 Supply Held on Exchanges.

• 🔴 Supply Held within Smart Contracts (excluding staked ETH).

• 🟣 Supply Staked on the Beacon Chain.

Technical. Each region is expressed as a fraction of circulating supply, and the traces are constructed cumulatively so they visually display as a stacked area chart. Thus the values shown reflect the cumulative area of the supply regions, from bottom to top (e.g. the value shown for ETH staked on the Beacon Chain equals Exchange + Smart Contract + Staked shares combined). The staked share is computed as Effective Balance / Circulating Supply, using the aggregate effective balance of the active validator set. Because the Supply in Smart Contracts metric counts staked ETH as contract-held, the smart-contract band subtracts the staked share, keeping the three regions disjoint.

Interpretation. These three concentrations describe structurally different states of supply: exchange balances are the most liquid and sale-ready portion; supply in smart contracts is committed to DeFi protocols, bridges and other on-chain applications; and staked supply is bonded to consensus duties. A long-run migration of supply out of exchanges and into contracts and staking describes coins moving into productive or committed roles — reducing readily-available sell-side supply — while a rotation back toward exchanges signals the reverse. The stacked total also gauges how much of all ETH sits in these three tracked concentrations versus idle self-custody.

Notes. Built from Supply in Smart Contracts, Exchange Balance, Total Effective Balance and Circulating Supply. The same three shares are shown as individual (non-stacked) lines in Percent Supply Macro Distribution.