Ethereum staking hits 41.4M ETH; liquid supply shrinks

Ethereum’s staked supply increased by about 1.4 million ETH over the past week to a record 41.4 million ETH, equivalent to roughly 34% of the total supply, according to on-chain data. A larger share of ETH is now held in staking contracts rather than in wallets available for trading.

On-chain records show one institutional staker added about 150,120 ETH to its staking position, bringing its total staked holdings to about 5.07 million ETH. A single wallet withdrew and immediately restaked a total of 112,000 ETH over three weeks, including a 19,000 ETH transaction last week. Those transactions removed additional ETH from exchange balances and decentralized liquidity pools.

Stablecoin and liquidity indicators weakened over the same period. The total stablecoin market capitalization declined 1.6% this quarter, the largest quarterly drop recorded for that measure, and more than $6 billion in liquidity exited the crypto market over the same span. A large bank reduced its rating on Circle and lowered its price target, citing slower USDC growth and pressure on reserve income.

Spot trading activity eased as well. Daily spot volume across a sample of exchanges fell to about $15 billion last week, the lowest level so far this year and roughly 70% below January’s peak. Average daily trading volume has fallen about 50% since December 2025 to near $20 billion. Ethereum’s price has risen more than 18% this quarter.

Staked ETH is deposited into validator contracts and is not available for immediate sale on exchanges or in decentralized liquidity pools. While protocol rules implemented after Ethereum’s shift to proof-of-stake allow withdrawals under specific conditions, funds held in staking are generally less available for routine trading than non-staked balances.

Market participants who monitor on-chain liquidity metrics are tracking changes in Ethereum’s liquid supply alongside stablecoin and trading-volume measures. Movements in staked and liquid ETH are being observed for their potential effects on order books and price sensitivity.