The spot ETF saw a sharp liquidity split as a $140 million one-week redemption occurred alongside on-chain locking. On the board, the four-week streak of net inflows into Ethereum ETFs came to an end. Funds clearly drained from products under BlackRock and Bitwise, yet on-chain order flow showed a massive chip-replacement: large players sold more than $86 million worth of BTC in the derivatives market, simultaneously bought over 34,000 units of $ETH , and pushed them entirely into staking contracts—fully converting interest-free positions into underlying yield-bearing assets.
This divergence between selling pressure and locking is undergoing a deep reshaping of the spot circulating supply. The current Ethereum staking rate has risen to 35.56%; queue backlogs have exceeded 2.48 million ETH, waiting periods have lengthened to more than 40 days, and exits from the queue are nearly at rock bottom. Tradable spot holdings available for selling have been passively drained, offsetting ETF outflows in the secondary market in the short term. Large capital has completed asset reallocation at a blended cost around $2,500, indicating a firm commitment to underlying yield.
The market’s tug-of-war has entered a critical defensive phase. Currently $ETH is hovering around $2,700 while the FX rate side continues to test the key resistance at 0.032. The core bottom line of the bulls’ offensive structure is to hold the $2,600 support band. Elevated U.S. Treasury yields still impose an valuation discount on overall liquidity; if the price breaks below $2,600, panic could spread and disrupt the pace of capital accumulation. As long as this line is not breached and the momentum of queued locking persists, the ongoing tightness in spot supply will ultimately dominate pricing power after the shakeout.
This divergence between selling pressure and locking is undergoing a deep reshaping of the spot circulating supply. The current Ethereum staking rate has risen to 35.56%; queue backlogs have exceeded 2.48 million ETH, waiting periods have lengthened to more than 40 days, and exits from the queue are nearly at rock bottom. Tradable spot holdings available for selling have been passively drained, offsetting ETF outflows in the secondary market in the short term. Large capital has completed asset reallocation at a blended cost around $2,500, indicating a firm commitment to underlying yield.
The market’s tug-of-war has entered a critical defensive phase. Currently $ETH is hovering around $2,700 while the FX rate side continues to test the key resistance at 0.032. The core bottom line of the bulls’ offensive structure is to hold the $2,600 support band. Elevated U.S. Treasury yields still impose an valuation discount on overall liquidity; if the price breaks below $2,600, panic could spread and disrupt the pace of capital accumulation. As long as this line is not breached and the momentum of queued locking persists, the ongoing tightness in spot supply will ultimately dominate pricing power after the shakeout.