The amount of Ethereum in staking continues to reach new historical highs. As of early September, the figure approached 43 million $ETH, corresponding to over 35% of Ethereum's total supply. And the trend shows no signs of reversing yet.
Back in January 2026, staking held around 36 million $ETH — less than 30% of the supply. Now, this figure has approached 43 million. Thus, over several months, the volume of $ETH directed into staking has grown by approximately 7 million coins.
The main question is — how does this affect the Ethereum market?
Over a Third of All $ETH is Already in Staking
Staking is a key part of Ethereum's Proof-of-Stake mechanism. Owners of $ETH can lock up their coins to participate in securing the network and receive rewards for doing so.
As the number of staked coins grows, the share of $ETH not in free circulation on the market increases.
The current situation with validator queues is particularly telling. In early September, approximately 2 million $ETH were waiting to enter staking, while the exit queue was minimal.
This means there are significantly more people wanting to direct $ETH into staking right now than participants wanting to withdraw their coins.
Liquid Ethereum is Becoming Scarcer
The growth of staking is important not only for network security.
The more $ETH is directed into staking, the fewer coins remain directly available for trading and quick sale.
Moreover, the reduction in liquid supply is happening through several channels at once. Alongside staking growth, the amount of Ethereum on centralized exchanges also remains relatively low.
As a result, a significant portion of existing $ETH is either in staking or in long-term storage and other structures, rather than directly in exchange liquidity.
This creates a potentially significant market situation: the total supply of $ETH may remain large, but the number of coins truly available for immediate sale is becoming significantly smaller.
Why This Might Be Important for the Price of $ETH
The staking record itself does not mean Ethereum will necessarily start to rise.
However, the reduction in available supply can amplify the price's reaction to changes in demand.
If market supply decreases while demand remains the same, this already creates a tighter balance. If demand from investors, ETFs, or large market participants starts to increase simultaneously, the effect could become significantly stronger.
Conventionally, the mechanism looks like this:
More $ETH goes into staking → less $ETH is available for sale → supply becomes less liquid → new demand can have a stronger impact on price.
But this mechanism also works in reverse. $ETH can be withdrawn from staking, so this is not a permanent reduction in supply like coin burning.
There is Another Important Metric — $ETH on Exchanges
An additional factor is the decline in Ethereum exchange reserves.
In September, the volume of $ETH on cryptocurrency exchanges dropped to around 14.9 million $ETH, one of the lowest levels in recent years.
This creates an interesting combination: over 35% of the supply is in staking, while the number of coins directly on exchanges is also shrinking.
That's why for assessing Ethereum now, it's important to look not only at the total amount of $ETH in circulation, but also at the structure of that supply.
What This Means for Ethereum
The record staking shows that more and more owners prefer to use $ETH to earn yields and participate in the network's operation rather than holding coins in a fully liquid form.
About 43 million $ETH is already in staking, and new coins continue to enter the queue to connect to validators.
If the trend continues, the share of Ethereum's liquid supply may continue to shrink.
This does not guarantee a price increase for $ETH. But if demand for Ethereum begins to increase, the market will have to meet it using an ever-decreasing number of coins available for free trading.
And it is precisely this imbalance between growing staking and shrinking available supply that becomes one of the key factors to watch on the Ethereum market.
Disclaimer: The content reflects the author's personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
end-content
