The Ethereum landscape is undergoing a significant transformation as the total amount of staked Ether (ETH) has surged past 35 million tokens. This new milestone, achieved in June 2025, signals tightening liquidity in the market. Investors are increasingly choosing to opt for passive yield through staking rather than engaging in short-term trading.
Data from Dune Analytics reveals that this historic figure now represents over 28% of Ethereum’s circulating supply of more than 120 million tokens. The implications of this development are profound; as more Ether is locked into staking contracts, the liquid supply available on cryptocurrency exchanges is rapidly diminishing. The trend is being fueled by not just retail investors, but also by large corporations and institutions.
Among those leading the charge is SharpLink Gaming, which recently made headlines for acquiring $463 million worth of Ether. This transaction not only positioned it as one of the largest holders of ETH, second only to the Ethereum Foundation, but also saw the company staking over 95% of its total holdings. Such moves are reflective of a broader shift towards treating Ether as a long-term treasury asset.
The advantages of staking are compelling. Currently, Ether stakers can earn an approximate yield of 3%, a figure that has attracted the interest of many corporate treasuries. With the U.S. Securities and Exchange Commission’s (SEC) guidance from May 2024 clarifying that staking does not fall under securities regulations, institutional participation in Ethereum staking is becoming increasingly viable and attractive.
In addition to SharpLink, significant players in the staking ecosystem include Lido, which controls around 8.75 million ETH, and various centralized exchanges like Coinbase and Binance. Collectively, these entities contribute to a growing pool of staked Ethereum tokens, changing the dynamics of the crypto markets as they ensure the stability and security of the Ethereum network while also reaping the benefits of yields.
Clearly, the impetus towards staking is reshaping how institutions interact with cryptocurrency. The question remains: how will these changes affect market liquidity and trading strategies moving forward? As the supply of liquid ETH continues to dwindle, both investors and analysts will need to navigate these evolving landscapes carefully.
