Ethereum staking has climbed to a record high before 2026, removing a larger share of ETH from liquid circulation and shrinking the amount available for active trading. The source says this trend has been building since 2023, with more investors locking coins on the network for long-term rewards instead of keeping them readily tradable.
Analyst PelinayPA describes the rise in staked ETH as structurally bullish because it tightens supply. Short-term volatility has not disappeared. Even so, long-term holders are increasingly treating pullbacks as buying opportunities rather than moments to exit. The article argues that record locked supply, combined with dip-buying by longer-term investors, has made selling pressure notably lighter during weaker market phases.
Locked supply keeps growing as tradable ETH becomes scarcer
The main shift is straightforward: more ETH is leaving the liquid market and moving into staking. According to the source, staked ETH moved from a moderate level at the end of 2023 to a record high at the start of 2026, keeping its upward direction intact. With fewer coins available to trade freely, abrupt downside moves face less pressure from immediate supply.
MVRV data adds another layer to that picture. The article says most investors are in profit, but the metric remains well below the extreme levels seen at prior cycle peaks. That suggests the market is not overheated. Profit-taking can still appear in the short run, yet the broader setup described in the source does not indicate that Ethereum’s longer-term bullish phase has already been exhausted.
Binance deposit flows show no sharp rise in near-term sell intent
ETH deposits to Binance are closely watched because large transfers to exchanges often signal preparation to sell. That can be an early warning of near-term pressure. Here, the source makes a different point: there has been no notable spike in ETH sent to Binance.
At the same time, on-chain staking continues to rise steadily. This divergence suggests that more supply is being locked by long-term holders instead of being moved onto exchanges for distribution. In the table included in the source, ETH deposited to Binance shows only a slight increase by the start of 2026, a pattern associated with low selling pressure.
Realized Cap continues to rise, pointing to ongoing capital inflows
The article also highlights Ethereum’s Realized Cap, a metric that values the network based on the last on-chain transaction price of each coin. Because of that method, it is often used to track long-term holder behavior and fresh capital entering the market. The source says Realized Cap is still moving upward, indicating that capital inflows have continued.
PelinayPA says market conditions remain supportive of more growth as long as Binance deposit activity does not rise sharply. The article’s overall reading stays consistent from start to finish: staking growth is reducing liquid supply, exchange inflows remain restrained, and long-term holders are still buying dips. Short-term profit-taking remains possible, but the current on-chain structure points to limited selling pressure in ETH.