I just noticed something interesting about Ethereum lately. It turns out that more than 30% of the total Ethereum supply—about 36.3 million ETH—has already been staked. This number continues to rise despite the volatile market, indicating that investors are starting to take long-term play seriously.

What’s interesting is the decreasing circulating supply of Ethereum in the market. With this much ETH locked in staking, selling pressure is significantly reduced. Additionally, Ethereum’s security network becomes stronger because the more people stake, the more expensive it is to attack the network. This is no small matter—it's a signal that holders believe in Ethereum’s future.

Data shows that the total staked value increased from 35.99 million ETH (around $108 million) at the beginning of the year to 36.31 million ETH ($117 million), a 0.89% growth in a short period. Looking year-over-year, last year there were 34.19 million ETH staked, meaning an annual growth of about 6.2%. This is consistent and solid.

One more interesting point: while the staked Ethereum supply continues to grow, the APY (annual percentage yield) actually decreases. This is a reasonable trade-off—more staking means lower rewards per validator. But it also signals that people are still willing to stake despite reduced returns because they focus on security and long-term belief.

On the other hand, the Ethereum network is also experiencing other bullish momentum. Daily transactions briefly hit 2.88 million in mid-January—an all-time high for this network. Plus, transaction fees dropped drastically to 0.054 gwei ($0.01), much cheaper than usual. This combination indicates healthy on-chain activity and growing adoption.

However, in the current market, Ethereum’s price action remains weak due to macro factors. So even though the fundamentals in terms of supply and network activity look solid, the price has not responded as expected. It’s still necessary to watch macro momentum to know when the market will start appreciating these factors.