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Ethereum Staking Metric Tops 50%, but Researchers Say Only About 30% Is Actively Staked

Analysts say a deposit-only accounting method leaves the contract balance overstating the share of ETH that is currently staked.

Ethereum locks 50% of supply, but ETH price dips below $2K - How?
Eth staking hits 50% on paper, but active stake only ~31%
Ethereum’s 50% staking milestone triggers backlash over 'misleading' supply data
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Overview

  • Santiment reported that 50.18% of all ETH ever issued is recorded in the staking deposit contract, a first for the network.
  • CoinShares’ Luke Nolan and Ethplorer’s Aleksandr Vat estimate active stake at roughly 37 million ETH, or about 30–31% of supply, because the contract tracks cumulative deposits.
  • Experts explain that validator exits mint ETH back to execution-layer addresses rather than reducing the deposit contract balance, which is why the on-chain figure can look inflated.
  • Staking demand remains strong with an estimated 3.9 million ETH queued to enter validation, implying a wait of about 67 days.
  • Despite the milestone narrative, ETH traded below $2,000, and on-chain data shows large players and exchanges, including Binance, BlackRock, Coinbase, and Bitmine, hold significant shares of ETH and staking activity.