Ethereum users have staked a record 35.35 million ether—about 29% of the token’s circulating supply—in the Beacon Chain deposit contract, 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%.
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.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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