• The number of large transactions in Lido Staked Ethereum has exceeded 630 per day — the highest sustained level since April, Santiment said.
  • Ethereum’s staking share has risen by 4.32% since May, reaching 36.32% of the total supply.
  • At the same time, daily inflows into staking have fallen by 40.11%.

Large Ethereum holders’ staking activity is increasing despite the asset’s price decline. The number of large transactions involving Lido Staked Ethereum (stETH) has exceeded 630 per day, and the share of staked coins in the total supply has reached 36.32%. This was reported by the analytics platforms Santiment and CryptoQuant.

According to Santiment, over the past four days, stETH whale activity reached its highest sustained level since April. In early November, analysts recorded more than 630 daily transactions worth $100,000 or more.

This activity is being observed near the $2,100 price level for Ethereum. Santiment believes large holders are not simply exiting staking, but are actively reshuffling their positions and using staked assets for financial operations.

Santiment notes that high borrowing activity indicates stETH is being used as collateral to obtain Ethereum and other assets. This allows large holders to maintain staking positions while simultaneously freeing up capital.

Analysts view this behavior as a sign of rising risk-on activity rather than a mass exit of investors from Ethereum.

At the same time, Santiment called $2,100 an important level to watch going forward. If the asset holds near this mark and the number of large transactions remains above 500 per day, a move back to $2,200 could confirm strengthening demand for risk assets.

By contrast, a drop to roughly below $2,050 amid high leverage would increase the risk of liquidations and further market pressure, experts emphasized.

Ethereum’s staking share reaches 36.32%

According to CryptoQuant, Ethereum’s staking share has increased by about 4.32% since May. It now accounts for 36.32% of the asset’s total supply.

Analysts have pointed to a divergence between Ethereum’s price action and its staking metric. While the price is falling, the share of staked coins continues to rise. According to CryptoQuant, this indicates sustained investor interest in holding Ethereum for the long term.

The growing staking share also reduces the amount of liquid coins in free circulation. This could potentially cut Ethereum’s market supply and support the price if demand is strong enough, the statement said.

At the same time, analysts cautioned that staked coins are not locked forever: validators can initiate withdrawals.

Despite the rise in Ethereum’s overall staking share, the daily Staking Inflow metric fell by 40.11%. CryptoQuant stressed the importance of distinguishing between two trends: the long-term increase in the share of staked coins and current activity in terms of new inflows.

As a reminder, earlier Ethereum co-founder Vitalik Buterin said that Ethereum should be viewed as a store of value.