Ethereum staking surpasses 35.9 million coins, reaching a new all-time high, accounting for 29.61% of the total supply—this figure conceals a bizarre phenomenon in the entire market.

Currently, only 160 ETH are in the exit queue, which can be unlocked in 4 minutes; meanwhile, 2.479 million ETH are queued for entry, with new stakers waiting 43 days and 1 hour to activate. What does this extreme contrast actually indicate?

Imagine the scene in August 2025—at that time, 900,000 ETH are queued for unstaking, and people are worried about large holders potentially fleeing. Now, less than 0.2% are in the exit queue, and the underlying reason for this shift is quite clear: the PoS network has been stable for over 3 years, with a block confirmation rate maintained at industry-leading 99.99%, and security has long been validated. But more importantly, the mindset of stakers has completely changed.

The old idea of "short-term arbitrage and then running away" has disappeared, replaced by a firm belief of "I will lock it in for the long term." When nearly one-third of ETH is permanently frozen in staking contracts, it means that market liquidity is being drained on a large scale. Such a supply contraction has never occurred in Ethereum's history.

All of this points in the same direction: liquidity is drying up, consensus is solidifying, and the super bull market led by institutions may already be counting down.