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Ethereum’s price has dropped nearly a third over the past month, but the amount of Ether being locked to help run the network has continued to rise. The latest staking figures show about 36.7 million ETH currently staked, representing 30.3% of all Ether in circulation—roughly one in every three coins supporting the network’s consensus process.
Unlike earlier cycles, the 2026 staking setup offers holders improved access to their funds. Liquid staking tokens and cleared exit lines for validators allow withdrawals to occur almost right away when users choose to exit, changing the liquidity profile compared with past periods when staked assets were tied up for longer.
One reason investors may continue staking despite falling prices is the impact on available supply. A crypto update from Milk Road noted that staking can create a squeeze on circulating Ether. Staking yields are described as roughly 3% per year—presented as modest relative to other crypto returns—yet participation continues to climb.
During the downturn, investors have locked assets worth around $72 billion, suggesting many are not prioritizing short-term gains. Instead, the behavior points to a longer-term view of Ether’s value.
At Consensus Hong Kong 2026 on Wednesday, Tom Lee, co-founder and research head at Fundstrat, urged attendees to look for buying opportunities rather than rushing to sell. He cited Ethereum’s history of sharp declines, saying the asset has experienced eight separate drops of more than 50% since 2018. Lee added that “eight out of eight times” Ethereum formed a V-shaped bottom, rebounding about as quickly as it fell each time.
Lee referenced the recent slide to $1,740 on Coinbase as aligning with earlier low points. Tom DeMark of DeMark Analytics, who advises BitMine as a strategic consultant, suggested $1,890 could represent a more durable floor. His approach involves looking for prices to test key levels twice on the downside before stabilizing. Lee said the current setup resembles bottoms from late 2018, fall 2022, and April 2025.
Companies are also increasing exposure at these levels. BitMine Immersion Technologies—where Lee serves as chairman—now holds the largest corporate stash of Ether anywhere, totaling 4.326 million ETH. In February’s weak period, it added 40,613 ETH. The company says it has been shifting its main holdings from Bitcoin to Ethereum, describing the purchases as part of its “Alchemy of 5%” strategy, with a goal of owning 5% of all circulating ETH one day.
Ether is still facing selling pressure, but it has steadied somewhat, trading close to $1,970 while attempting to reclaim the $2,000 level.
Another difference in 2026 is the role of stablecoins and real-world assets on the network. Stablecoin transfers on Ethereum doubled over the last two quarters and reached a new high of $8 trillion in the fourth quarter of 2025. Analyst Michaël van de Poppe said “price follows narrative,” adding that he sees Ethereum taking the lead as the main network for moving more than $180 billion in stablecoins globally.
While the network’s core function remains the same, the combination of ongoing staking and increased stablecoin activity adds pressure on floating supply. Technical signals are also described as hinting at support building. Together, these factors create groundwork that could help stabilize the market, even as retail demand has not yet fully returned.
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