Ethereum Breaks Staking Record With Over 35M ETH Locked

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has reached a new staking milestone, with over 35 million ETH now locked in its Beacon Chain contract. This represents approximately 28% of the asset’s circulating supply. It also marks the highest level since Ethereum transitioned to a proof-of-stake (PoS) consensus mechanism.

Interestingly, the surge in staked ETH comes despite recent price declines, suggesting growing long-term confidence in the network. This confidence likely stems from Ethereum’s transition to PoS. This shift began with the launch of the Beacon Chain in November 2020. That upgrade, finalized in 2022 during The Merge, replaced mining with staking and reduced the network’s energy consumption by an estimated 99%.

Confidence Grows Despite Price Drop

At current prices, the total value of staked ETH stands near $89.1 billion. This represents more than 20% of Ethereum’s total market capitalization. The increase in staked coins is also contributing to a noticeable drop in circulating supply, signaling reduced sell-side pressure.

This reduction in liquid supply aligns with a broader accumulation trend visible on-chain. According to an analysis by pseudonymous CryptoQuant contributor OnChainSchool, a record 22.8 million ETH is now held in wallets with limited or no history of selling. These wallets are commonly referred to as accumulation addresses.

In June alone, over 500,000 ETH have been added to the staking pool, highlighting what analysts describe as growing confidence in Ethereum’s long-term potential.

Notably, this wave of accumulation and staking is occurring despite a broader market pullback. ETH has fallen over 30% in the past year and was trading at $2,417 at the time of writing, down nearly 7% on the day.

Whales and ETFs Increase ETH Demand

Institutional activity, however, remains strong. U.S.-listed spot Ether ETFs now hold about $10.5 billion worth of ETH, equivalent to just over 3% of the asset’s market cap. This follows a consistent 19-day streak of net inflows, which ended on Friday.

Beyond ETFs, on-chain data indicate that large holders have also been increasing their accumulation. According to analytics firm Glassnode, Ethereum whales have added more than 800,000 ETH daily over the past week. This is the most aggressive buying pace seen since 2017.

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