Token Terminal: The share of ETH in staking has hit a new all-time high.

According to #TokenTerminal, currently 34.4% (!) of the total #ETH supply is already locked in staking.

The metric has been growing almost continuously since the launch of Ethereum staking. Back in early 2023, the share was about 13%, in early 2024 - about 23%, and in early 2025 - approximately 28-29%.

For the market, this is an important factor for several reasons at once:

First, more than one-third of the ETH supply has effectively been taken out of circulation and is used to secure the operation of the network. The higher the share of staking, the less liquid supply remains available for trading. And you can’t withdraw it from staking quickly.

Second, the growth in this metric suggests that ETH holders are increasingly choosing to earn yield via staking instead of holding coins with no yield or selling them.

Third, when demand recovers, reducing the available free supply can intensify the price movement—especially if, at the same time, institutional demand is growing through ETFs and other investment products.

Of course, a high staking level by itself doesn’t guarantee a price increase. And ETH can be withdrawn from staking, and through liquid staking part of the capital remains available for use in DeFi. But the trend will definitely work in favor of price recovery.

That said, purely from a technical perspective, this Token Terminal news looks more like a push into an asset at local highs. We’ve already noted that, for this asset, our indicator shows the first mark of a potential high on the weekly timeframe. Since mid-2023, out of 13 such signals, only two were not played out—at the end of 2023 and at the beginning of 2025.

There is, however, one important point: the asset is maintaining a steady uptrend on the daily timeframe.

And while this remains in effect, the rise can still continue this week and over the next two weeks as well, because there may be up to three marks of a potential high. But overall, given current prices, and considering the high mark on the weekly timeframe, we consider it clearly an unsuccessful time to buy the asset for investment purposes.