Ethereum’s price continues to decline, but on-chain staking demand has not cooled accordingly. Data shows that over 3.1 million ETH are currently waiting to be staked, equivalent to approximately $5.45 billion by the measure cited; in comparison, the amount waiting to exit staking is only about 49,700 ETH.
Staking queue still favors inflows
This structure is generally viewed as a bullish signal. As more ETH enters staking, the circulating supply decreases, indicating that some holders prefer long-term locking rather than short-term selling.
- Waiting to be staked: Over 3.1 million ETH
- Waiting to exit staking: approximately 49,700 ETH
- Valuation in the text: approximately $5.45 billion
The short-term trend remains affected by deleveraging.
However, strong on-chain data does not necessarily mean prices will rise immediately. The article notes that broader market conditions continue to dominate ETH’s short-term performance, and risk-off sentiment, leveraged position liquidations, and profit-taking could outweigh the support provided by staking.
This means that even though staking reduces the circulating supply in the market, ETH prices may still remain under pressure if risk appetite declines. This also explains why ETH has remained weak despite high demand for staking.
Request growth has slowed since May.
Another notable change is that new staking requests have declined since early May. Although the current queue remains large, a continued slowdown in new applications may indicate weakening downstream demand.
Overall, ETH currently shows continued on-chain locking意愿, while short-term market sentiment remains weak. The staking queue reflects a long-term holding bias, while price performance is more influenced by risk appetite and the pace of deleveraging.