Ethereum's Staking Share Reached 36.32% Amid ETH Price Decline

The share of Ether (ETH) staked has reached 36.32% of the total cryptocurrency supply, despite a decline in its market value. This was reported by the analytical platform CryptoQuant in a study dated November 9, 2026. According to the analyst under the pseudonym PelinayPA, since May, the figure has increased by approximately 4.32 percentage points, while the price of ETH on Binance has decreased from approximately $2,800 in October to $2,132 at the time of analysis.

At the same time, Santiment recorded increased activity among large holders of Lido Staked Ethereum (stETH). In early November, the number of transactions with this asset worth over $100,000 exceeded 630 per day, marking the highest sustained level since April. Analysts attribute this to the active use of liquid staking tokens in decentralized financial services.

Why Large Holders Have Become More Active with stETH

Lido Staked Ethereum (stETH) is a liquid token representing ETH staked through the Lido protocol. Unlike the underlying coins held by validators, stETH can be transferred between wallets, sold on the market, and used in decentralized financial applications. This allows owners to maintain an economic connection with staked ETH while simultaneously having the ability to manage a liquid asset.

According to Santiment's observations, in the four days preceding the publication of the study, the activity of large stETH holders remained at an elevated level. Analysts also noted the use of these tokens as collateral for obtaining loans in ETH and other cryptocurrencies. Such operations allow the utilization of the value of staked assets without withdrawing the underlying coins from staking.

However, the increase in the number of large transactions does not mean that they are all associated with new deposits or purchases of Ether. Transfers of stETH may reflect the redistribution of funds, collateral operations, token exchanges, and other actions. To determine their impact on the market, it is necessary to analyze the purpose of specific transactions.

The use of stETH as collateral also increases the sensitivity of individual positions to a sharp price decline. If the value of the collateral falls below the requirements of the credit protocol, the position may be liquidated. Therefore, the increase in activity among large participants is not necessarily a positive signal for ETH.

The Share of ETH in Staking Increased to 36.32%

According to CryptoQuant, the share of staked Ether has increased by approximately 4.32 percentage points since May, reaching 36.32% of the total supply of the asset. This dynamic differs from the movement of the market price of ETH, which has noticeably declined during the fall.

Analysts believe that maintaining a high share of staking may indicate the interest of some participants in the prolonged use of Ether to receive rewards for securing the network. Staked coins are not available for immediate sale directly from validator positions, potentially limiting the supply of ETH on the spot market.

However, such a restriction is not absolute. Owners can initiate the withdrawal of funds from staking, and users of liquid staking protocols can sell tokens representing their positions. Therefore, an increase in the share of staking alone does not guarantee the recovery of Ether's price.

The CryptoQuant study also revealed another trend: the Staking Inflow indicator decreased by 40.11%. This indicates a reduction in the measured inflow of new coins into staking, despite the growth of their already accumulated volume. In other words, Ether's participation in staking remains high, but the current rate of fund inflow has weakened.

What Risks Remain for Ether

In the initial analysis, Santiment highlighted the $2,100 area as an important benchmark for observing the behavior of large participants. Analysts allowed for the possibility of recovery to $2,200 with price stabilization and continued heightened stETH activity. A decline below $2,050, on the other hand, was considered a risk factor for leveraged positions.

After the publication of the study, the market situation changed. On November 10, Ether had already fallen below $2,050 and briefly approached $2,000 amid a general decline in the cryptocurrency market. However, passing this level does not automatically imply that mass liquidations of loans secured by stETH have occurred.

Data from Santiment and CryptoQuant show that long-term staking indicators and short-term market activity can move in different directions. The growth of staked supply potentially limits the number of coins available for immediate sale, but its impact on the price depends on demand, the state of the credit market, and the behavior of liquid token holders.