Ethereum: One-Third of Circulating Supply 'Locked'... Stuck at $2,250 Despite Record Staking

▲ Ethereum (ETH)

Although Ethereum (ETH) staking volume has increased to an all-time high of approximately 39 million ETH, the price has remained stuck around $2,250, failing to break past key resistance, showing a trend different from investors' expectations. Bitcoinist pointed out that while long-term confidence in the Ethereum network has strengthened, the recent slowdown in staking growth suggests an increased likelihood of the market entering a period of greater volatility.

According to Bitcoinist on May 15 (local time), CryptoQuant data showed that approximately 39 million ETH is locked in Ethereum staking contracts. This figure, which has sharply increased since early 2026, represents the largest continuous deposit flow into validator infrastructure in Ethereum's history. As approximately one-third of the total circulating supply is tied up in staking positions, the liquid supply immediately available for sale is significantly smaller than the total supply.

The issue is not the staking volume itself, but a change in its direction. CryptoQuant analysis explained that the staking metric, which had been steadily rising since early 2026, stagnated in May and has recently begun to slightly decrease. A trend where staking volume increases, then flattens, and then decreases generally reflects a movement to withdraw assets from validators, which is interpreted as actions closer to securing liquidity or rebalancing portfolios rather than an immediate sell-off.

Despite record network deposits, Ethereum's price is consolidating around $2,250. Bitcoinist explained that while the record-high staking demonstrates long-term structural confidence, the price remaining stagnant at a level significantly lower than past highs creates the current compressed state of the market. Warnings were also issued that if staking metrics change direction from extremely high levels, price volatility could be amplified depending on which way the next catalyst acts.

The technical trend is also insufficient to confirm a strong recovery. Ethereum has maintained a limited price movement for several weeks, holding above its 100-day moving average but remaining below its 200-day moving average. The 200-day moving average acts as a major technical ceiling in the broader trend, and upward movements have been repeatedly blocked in the $2,300-$2,400 range.

During the sharp drop in February, Ethereum briefly fell below $1,800, but buying pressure subsequently recovered key support, creating a modest rebound structure throughout March and April. However, with recent declining trading volumes and a trend of lower momentum highs near resistance, neither buyers nor sellers have been able to establish clear dominance. While staking volume demonstrates network confidence, the price has yet to reflect that conviction, remaining tied to whether it can break past $2,300-$2,400.

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