Ethereum supply on exchange increasing

Curious as to why the supply of Ethereum on exchange has been gradually getting higher. The supply on exchange (as a percentage of total supply) bottomed out at roughly 8% in November 2023 and has gradually increased to 10%+. (I used Santiment Sanbase for these stats).

I’m bullish on Ethereum and curious as to why this would be the case as development and activity continues to grow