Ethereum staking has climbed to a new all-time high, with 41.04 million ETH now locked across the network — approximately 34% of the total ETH supply. The milestone comes even as staking yields have declined to their lowest recorded levels. The growth reflects a continued trend that began accelerating after Ethereum's transition to proof-of-stake in September 2022, with staking participation climbing steadily since withdrawals were enabled via the Shanghai upgrade in April 2023.

According to on-chain analyst Merlijn The Trader, the total staked ETH is valued at roughly $77.7 billion, a figure that has declined 40% over the past year amid ETH's lower market price.

Record Staking Share Despite Falling Yields

Merlijn shared the data on X (Twitter), noting that this marks the highest staking share ever reported for Ethereum:

41,040,000 ETHEREUM ARE LOCKED IN STAKING

A record 34% of the entire supply.

That stake is worth $77,700,000,000 today. Down 40% in a year.

Stakers now earn 2.62%, down from 3.05%. Issuance rose from 0.757% to 0.842%.

Record supply locked. Lowest payout ever offered to lock… pic.twitter.com/e3nJDYmOqG

— Merlijn The Trader (@MerlijnTrader) July 24, 2026

With 34% of the supply locked in staking, the amount of ETH freely circulating on the market is reduced. However, this does not eliminate selling pressure from liquid staking tokens or potential unstaking flows. Liquid staking protocols such as Lido, Rocket Pool, and Coinbase have become dominant channels for staking participation, issuing tradable tokens like stETH that allow holders to access liquidity while their underlying ETH remains locked.

Staking Rewards Decline as Issuance Rises

Ethereum staking rewards have fallen to approximately 2.62%, down from 3.05%. Merlijn characterized this as the lowest payout ever offered for locking ETH. The decline in yields is mechanically tied to growing participation: as more validators join the network, fixed-size block rewards and tips are distributed across a larger pool of stakers, reducing the return per staked ETH.

Declining yields may influence how investors evaluate staking relative to other yield-generating options. While some holders may continue staking for network participation, others could reassess the trade-off between returns, liquidity needs, and market risk.

At the same time, Ethereum's issuance rate has increased from 0.757% to 0.842%. Issuance refers to the creation of new ETH through network rewards, and the shift represents another supply-side metric for investors to monitor. This operates alongside Ethereum's EIP-1559 fee-burn mechanism, which destroys a portion of transaction fees, meaning net ETH supply dynamics depend on the balance between new issuance and burned fees.

ETH Price Holds Above Short-Term Support

On the daily ETH/USD chart on Bitstamp, Ethereum was trading near $1,859.2, down approximately 0.95% during the chart reading. ETH remains below its main Fibonacci range.

Ethereum is currently holding above short-term support between $1,800 and $1,780, a zone that is considered important for the ongoing recovery attempt. A loss of this level could bring $1,700 and $1,600 back into focus.

On the upside, the first major recovery level sits at $2,120.7. Before reaching that, ETH would need to reclaim $1,950 and $2,000. A daily close above $2,120.7 could open the path toward $2,592.1.

Momentum indicators present a mixed picture on the daily chart. The MACD line is near 41.8, above the signal line at approximately 38.3. The RSI sits near 54.45, while its average remains higher at 59.79.