According to CryptoQuant's analysis, the amount of Ethereum ($ETH) locked in staking has reached an all-time high of 41.7 million $ETH.
This figure represents approximately one-third of the total Ethereum supply in circulation. According to CoinMarketCap, the altcoin's supply volume is about 120.7 million $ETH, meaning that staking currently accounts for 34.5% of the total.
The chart shows that until the end of 2025, staking deposits remained at 36.2 million $ETH or nearly 30% of the total supply, with steady growth beginning in February 2026. The growth continued in the second quarter and accelerated from June to August.
During this period, $ETH lost about 44% of its value compared to January levels. However, despite weakening spot market conditions, validators have not reduced their participation.
Ethereum validators receive newly issued $ETH for proposing blocks, validating transactions, and supporting network consensus. They can also earn priority fees and maximum extractable value (MEV).
A portion of this income can be restaked, creating a compounding interest effect even if $ETH's price falls in dollar terms. However, yields decrease as new validators join, because Ethereum distributes its issuance across a larger staking balance.
Companies managing corporate treasuries have become an important part of this trend. As of July 12, BitMine had staked about 4.9 million $ETH, representing approximately 85% of all its Ethereum assets.
For the quarter ended May 31, the company earned $45.7 million from staking and validation. Chairman Tom Lee forecasts that annual rewards could reach $284 million, especially if BitMine stakes all its $ETH capital.
The expansion of institutional participation could lead to more $ETH disappearing from liquid markets. However, staking does not guarantee a price increase, and supply constraints could be offset by selling pressure.
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