Ethereum Staking Surges Despite Market Slump, Locking Over 28% of Supply

Ethereum staking has reached a new milestone this week, with more than 35 million ETH, over 28.3% of the total supply, now locked into the network’s proof-of-stake system, according to Dune Analytics.

Key Takeaways:

• Over 35 million ETH, 28.3% of total supply, is now staked.
• The rise follows favorable SEC guidance on staking, though Ether staking ETF approvals remain pending.
• Lido, Binance, and Coinbase dominate staking, raising concerns about centralization.

The surge in staked ETH comes even as broader market conditions remain subdued, suggesting long-term conviction among holders and a tightening of liquid supply.

Over 500,000 ETH was staked in just the first half of June. The trend signals a shift in investor behavior, with many opting to earn yield rather than sell at current prices.

Analysts say the growth in Ethereum staking is contributing to ETH’s reputation as one of the most fundamentally strong digital assets.

“The rise in ETH staking reflects growing confidence and declining sell pressure,” said pseudonymous analyst Onchainschool via CryptoQuant.

Addresses that have never sold their ETH now collectively hold 22.8 million coins, an all-time high.

The momentum also follows a recent regulatory shift in the U.S. In late May, the Securities and Exchange Commission clarified that protocol-based staking activities do not require registration under the Securities Act.

The announcement was interpreted by many as a win for Ethereum and other proof-of-stake networks.

Staked ETH hits new ATH: 35M ETH locked

Staked $ETH has reached a new all-time high with over 35 million #ETH locked, now accounting for more than 28.3% of total supply. As liquid supply tightens, more Nasdaq-listed companies are adding crypto to their treasuries. pic.twitter.com/Valwgt0rkB

Still, questions remain around the approval of Ether staking ETFs. The SEC has yet to greenlight Bitwise’s application to include staking in its ETF product, having postponed the decision in May.

Currently, more than 25% of all staked ETH is handled by liquid staking giant Lido, while Binance and Coinbase account for 7.5% and 7.4%, respectively.

Coinbase has also emerged as Ethereum’s largest node operator, controlling over 11.4% of staked ETH via its validators.

While some critics warn that liquid staking introduces centralization risks, particularly if too much influence becomes concentrated in a handful of platforms, adoption among institutions is accelerating.

Ethereum is witnessing its most intense whale accumulation in seven years, with large wallets adding over 871,000 ETH in a single day on June 12.

This marks the highest daily inflow in 2025 and has pushed total holdings in 1,000 to 10,000 ETH wallets past 14.3 million ETH, according to Glassnode.

The surge reverses a multi-month downtrend in whale activity and points to renewed long-term confidence in Ethereum’s fundamentals.

While ETH’s price remains relatively stable, such heavy accumulation suggests that major players may be positioning ahead of key ecosystem developments or macroeconomic catalysts.

Historical data shows that this type of wallet-level behavior has often preceded sharp price increases.

Analysts suggest upcoming Ethereum upgrades, increased real-world asset tokenization, and growing adoption of Layer 2 networks like Arbitrum and Optimism could be contributing factors.

However, not all developments are positive. Ethereum-linked firms like SharpLink Gaming have seen turbulence, with shares plunging 73% after the company moved to register shares for resale shortly after announcing a potential $1 billion ETH allocation.

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