Ethereum
Ethereum staking surge raises liquidity concerns
Over 1.4 million ETH moved into staking in a week, bringing total staked supply to a record 41.4 million, about 34% of all ETH in existence.
Ethereum's staked supply has reached an all-time high of 41.4 million tokens, with 1.4 million ETH locked in staking over the past seven days alone. This concentration of capital removes coins from active circulation, which in theory tightens available liquidity and can amplify price swings from smaller trading flows.
Large holders are driving the trend. BitMine, a firm linked to analyst Tom Lee, has staked an additional 150,120 ETH worth roughly $278 million, bringing its total staked position to 5.07 million ETH valued at approximately $9.38 billion—about 87.4% of its total ETH holdings. Whale-sized accounts are following suit, with one wallet withdrawing and immediately staking 112,000 ETH worth over $208 million across the past three weeks.
The article notes that reduced ETH liquidity may have supported Ethereum's 18% gains so far in the third quarter. However, it raises a broader question: if staking continues at this pace, could the resulting liquidity squeeze begin to constrain the wider crypto market?
The concern comes as the stablecoin sector shows signs of stress. Total stablecoin market capitalization has fallen 1.6% this quarter, its worst performance on record, while more than $6 billion in liquidity has exited crypto markets. Morgan Stanley has downgraded Circle to Underweight and slashed its price target from $106 to $38, citing slower USDC expansion and pressure on reserve income. Daily spot trading volume across major exchanges has slumped to around $15 billion last week—the lowest of the year and nearly 70% below January's levels—suggesting trading activity is cooling.
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