Foreign media report that, despite Ethereum's significant decline since 2026, its position in on-chain finance has not been weakened. Citing data from Token Terminal, CryptoQuant, and others, the article argues that DeFi, stablecoins, and tokenized assets still heavily rely on Ethereum’s settlement layer—this is a key reason why some analysts remain bullish on its medium- to long-term narrative.
DeFi and stablecoin volumes remain concentrated
Token Terminal data shows that DeFi liquidity in the Ethereum ecosystem is approximately $43 billion, with stablecoin supply exceeding $165 billion. Approximately 55% of tokenized assets tracked on public blockchains are related to the Ethereum ecosystem.
In the tokenized ETF niche market, Ethereum also holds a leading position. According to the data cited in the report, the total market capitalization of this sector exceeds $400 million, with approximately 76.9% of the share belonging to the Ethereum ecosystem. The article concludes that, even amid increased market volatility, Ethereum remains the primary settlement network behind multiple cryptocurrency finance narratives.
Staking queue time exceeds 60 days
In addition to ecosystem scale, staking data is also a key focus of the article. Nearly 39.1 million ETH have been staked, accounting for approximately 32% of the total supply, corresponding to over 896,000 active validators.
- Approximately 39.1 million ETH have been staked.
- More than 896,000 active validators
- More than 3.49 million tokens waiting to enter the staking queue
Of greater concern is the continued accumulation of new staking demand. Data shows that over 3.49 million ETH are waiting to enter the staking queue, with wait times exceeding 60 days; in comparison, only about 7,424 ETH are in the exit queue. The article suggests this indicates that, even during a period of weakening prices, a significant portion of holders are choosing to lock their ETH in yield-generating positions rather than selling.
Inflows to the accumulation address have risen to a phase high.
CryptoQuant data shows that approximately 248,400 ETH flowed into accumulating addresses on May 20, marking the largest single-day inflow since January 6. Accumulating addresses typically refer to addresses that tend to hold long-term and engage in fewer active sales.
The article suggests that these addresses continued to accumulate ETH during periods of price pressure, indicating that some capital still views Ethereum through a longer-term lens. It also notes that some analysts are monitoring long-term price ranges and the two-year moving average model, believing ETH is approaching historical accumulation zones. However, these assessments remain primarily market perspectives, and future performance will depend on changes in the macroeconomic environment and risk appetite.