This week marked a significant achievement for Ethereum staking, as the total amount of ETH locked in the network’s proof-of-stake mechanism surpassed 35 million ETH, representing over 28.3% of the digital currency’s total supply, as reported by Dune Analytics.
Key Highlights:
Over 35 million ETH, accounting for 28.3% of total supply, has been staked.
The recent uptick follows favorable guidance from the SEC regarding staking, though approvals for Ether staking ETFs are still awaited.
Dominating the staking landscape are Lido, Binance, and Coinbase, raising concerns over the potential for centralization.
The increase in staked ETH occurs against a backdrop of relatively stagnant market conditions, indicating a strong long-term belief among holders and a reduction in the liquid supply. In just the first half of June, over 500,000 ETH was staked, indicating a shift in investor strategy towards earning yield rather than selling at current market prices.
Strengthening Ethereum’s Asset Value
Experts suggest that the rise in Ethereum staking is enhancing the perception of ETH as a fundamentally robust digital asset. “The increase in ETH staking signifies growing confidence and reduces selling pressure,” said the pseudonymous analyst Onchainschool, speaking through CryptoQuant.
Moreover, the number of addresses that have never sold their ETH has reached an unprecedented 22.8 million coins.
This momentum coincides with a significant regulatory update in the U.S. At the end of May, the Securities and Exchange Commission clarified that staking activities based on protocols do not require registration under the Securities Act, a move widely regarded as a positive development for Ethereum and similar 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
— CryptoRank.io (@CryptoRank_io) June 20, 2025
Nevertheless, uncertainties loom regarding the approval outlook for Ether staking ETFs. As of now, the SEC has not approved Bitwise’s application to incorporate staking into its ETF product, postponing the decision in May.
Currently, liquid staking leader Lido handles over 25% of all staked ETH, while Binance and Coinbase account for 7.5% and 7.4%, respectively. Notably, Coinbase is the largest node operator within the Ethereum ecosystem, controlling more than 11.4% of all staked ETH through its validators.
While some analysts caution that liquid staking might lead to centralization risks—especially if too much power becomes concentrated among a few platforms—the trend toward institutional adoption continues to grow.
Whale Activity Nears Seven-Year High
Ethereum is also experiencing a notable surge in whale accumulation, with large holders amassing over 871,000 ETH in a single day on June 12, the highest daily inflow recorded in 2025. This influx has lifted the total amount held by wallets containing between 1,000 and 10,000 ETH to over 14.3 million ETH, according to data from Glassnode.
This recent spike reverses a several-month decline in whale activity and signals renewed confidence in Ethereum’s foundational prospects. Although ETH’s price has remained stable, such significant accumulation may indicate that major participants are positioning themselves ahead of important developments within the ecosystem or broader macroeconomic changes.
Historical patterns suggest that similar wallet behavior frequently precedes sharp price increases. Analysts point to upcoming Ethereum upgrades, the growing tokenization of real-world assets, and rising adoption of Layer 2 networks like Arbitrum and Optimism as potential factors contributing to this renewed enthusiasm.
However, not all news is favorable. Ethereum-related companies such as SharpLink Gaming have encountered difficulties, with shares plummeting 73% following the company’s announcement to register shares for resale shortly after revealing plans for a potential $1 billion ETH allocation.
The story of Ethereum staking and its implications for the market landscape continues to unfold.
