Ethereum is down about 26% year-to-date, but on-chain data shows continued increase in staking participation. Around 31% of total ETH supply is now locked in staking contracts, up from roughly 29% earlier in the year.

From a structural point of view, this means a growing share of ETH is becoming illiquid, as it is being committed to validator staking rather than circulating on the open market.

This creates a simple supply dynamic: if more ETH is locked while demand stays constant or increases, available supply in trading markets decreases.

Some analysts interpret this as a sign that longer-term holders are focusing more on network participation and yield generation rather than short-term price movement. $BSB $HANA $BLUAI

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