The percentage of staked Ethereum has climbed to approximately 31% of total supply, up from 29% at the start of the year, a steady accumulation that has continued largely independent of price.
ETH is down roughly 26% year-to-date, a notable divergence from the growing body of onchain fundamentals building around the network, including its dominant position in the RWA market. The gap between network utility and price performance raises a question of whether the market is discounting a buildout that is still in early innings.
The continued rise in staked ETH suggests long-term holders are maintaining conviction despite price weakness and onchain risk, gradually reducing the liquid circulating supply.
Expand Chart
A contracting float against any meaningful demand recovery has historically been a constructive setup for price. Liquid staking protocols such as Lido have meaningfully lowered the barrier to participation, allowing holders to stake without sacrificing liquidity. This has broadened the staking base beyond technically sophisticated validators to a wider retail and institutional audience.
