Over one-third of the total Ethereum supply is now locked in the network. According to on-chain data platform Token Terminal, Ethereum's staking ratio recently hit a record high of 33.9%. With approximately 34% of the circulating supply currently staked, it shows that many investors are betting on long-term rewards and network stability rather than short-term selling.

Recent market movements support this trend. U.S. spot Ethereum ETFs have seen an inflow of approximately 56 billion KRW over the past two days, and there was an interesting move on Binance where a new whale withdrew 7,000 ETH—worth about $13.46 million—and staked it entirely immediately after.

Of course, the market isn't entirely bullish. We are seeing a mixed trend with some sell pressure, such as a whale wallet that had been dormant for 11 months recently moving 9,000 ETH to an OTC platform. Even so, the fact that a significant portion of the supply is being locked up through staking and reducing the circulating supply could be a positive signal for long-term price action. It will be worth keeping an eye on whether this momentum can act as a catalyst to break through short-term resistance.

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