Ethereum surpasses 35 million ETH staked, a new high for the network

Ethereum users have staked a record 35.35 million ether — about 29% of the token’s circulating supply — on the consensus layer, according to data compiled by The Block.

The contract, launched in November 2020, set the stage for Ethereum’s shift from proof-of-work to proof-of-stake in “The Merge,” an upgrade developers say cut the network’s energy use by roughly 99%.

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Staked ether is now valued at about $89.1 billion, or more than 20% of Ethereum's market capitalization, Coinbase data shows. Analysts say the shrinking supply is encouraging investors to hoard rather than trade. CryptoQuant’s OnChainSchool reports a record 22.8 million ether parked in “accumulation addresses,” wallets with little or no history of selling. “This growth signals rising confidence and a continued drop in liquid supply,” the analyst argued.

New peaks for staked ETH and accumulation addresses come even as prices sag. Ether was down 2% on Tuesday at $2,558 and has fallen 23% year-to-date, according to TradingView.

Yet, institutional demand remains firm. Wall Street investors continue allocating capital to crypto’s second-largest asset. U.S. spot ether exchange-traded funds hold about $10.5 billion, just over 3% of the asset’s market value, after a 19-day inflow streak that ended Friday.