In recent times, the supply of cbETH, the Ethereum staking token provided by well-known cryptocurrency trading platform Coinbase, has seen a notable decline. According to specific data, there have been a large number of redemption operations for cbETH since June 20th, leading to a rapid decrease in its supply from the initial 1.4 million tokens to below 700 thousand. The monthly percentage decrease exceeds 50%. Currently, the total supply of cbETH has stabilized around 657 thousand tokens. This change reflects a significant decrease in market demand for cbETH, and may also be related to investors' adjustments in their Ethereum network staking strategies. As the token form of Coinbase's Ethereum staking service, changes in the supply of cbETH are of great reference value to market participants.