Ethereum Staking Hits Record High, Supply Constriction Continues Due to Long-Term Holdings

On the 18th, Ethereum (ETH) users staked a record 35.12 million ETH, representing about 29% of ETH's circulating supply. Over 500,000 ETH were newly staked in the first half of June alone, highlighting the trend of large investors adopting a long-term holding strategy. The staking contracts, initiated in November 2020, laid the groundwork for Ethereum's transition from Proof of Work (PoW) to Proof of Stake (PoS) through the 'Merge' upgrade. According to developers, this transition has reduced the network's energy usage by approximately 99%. The value of the staked ETH has reached about $89 billion, accounting for over 20% of Ethereum's total market capitalization. The supply pressure...