The amount of staked Ethereum has reached a new record high of 34.65 million ETH, representing about 28.7% of the current circulating supply, according to data compiled by pseudonymous data cruncher @hildobby on a Dune dashboard. The figure corresponds to more than $100 billion staked onchain.

The rise in staked ETH comes as the price of the No. 2 cryptocurrency by market capitalization surged above the $2,700 mark — a two-week high, despite being far from its all-time high of more than $4,891.

This story is an excerpt from the Unchained Daily newsletter.

Increased ETH staking has also been reflected in a significant drop in ETH sent to centralized exchanges, indicating that large holders are increasingly choosing staking over active trading. 

The shift has resulted in a structural scarcity of liquid ETH, which could potentially stabilize prices and reduce volatility.