Record staking shows holders' long-term confidence despite ETH price drop

Ethereum’s price has dropped nearly a third over the past month, yet more people than ever are choosing to lock up their coins to help run the network. This contrast between falling value and rising commitment from holders points to what might lie ahead for the world’s second-biggest cryptocurrency.

The clearest sign of this trend shows up in the staking numbers. Right now, about 36.7 million ETH sit locked in the system. That works out to 30.3% of all Ether out there.

In other words, close to one in every three coins is helping secure the network through its consensus process.

Things look different from past periods, though. Back then, staked funds stayed tied up for a long time. In the current 2026 setup, holders enjoy much better access to their money. Liquid staking tokens, along with cleared exit lines for validators, let people pull out almost right away when they want.

Ethereum’s staking surge. Source: beaconchain

Why are investors still staking when the price keeps falling?

A crypto update from Milk Road pointed out on Wednesday that this creates a huge squeeze on available supply. Staking pays roughly 3% per year, something the newsletter described as far from exciting compared with other crypto returns.

Still, participation keeps climbing. Locking away assets worth around $72 billion during a downturn suggests these investors are not chasing fast gains. Instead, they seem convinced Ether holds lasting value worth keeping over years.

A few market watchers think the worst of the drop could be behind us, even with the tough recent picture.

At the Consensus Hong Kong 2026 event on Wednesday, Tom Lee, co-founder and research head at Fundstrat, urged attendees to look for chances to buy rather than rush to sell. He brought up Ethereum’s track record, saying the coin has seen eight separate drops of over 50% since 2018.

“Many people are outraged, but keep in mind that since 2018, Ethereum has fallen more than 50% eight times,” Lee told the crowd.

He added, “Eight out of eight times, Ethereum has had a V-shaped bottom,” meaning it bounced back about as fast as it fell each time. He views the recent slide to $1,740 on Coinbase as matching those earlier low points.

Tom DeMark, who runs DeMark Analytics and advises BitMine as a strategic consultant, suggested $1,890 could mark a true floor. His method looks for prices to test important levels twice on the downside before steadying. Lee backed that view, noting the setup resembles bottoms from late 2018, fall 2022, and April 2025.

Companies are putting real money to work at these levels

Some big players are backing up their words with action at these levels. BitMine Immersion Technologies, the company where Lee serves as chairman, now holds the largest corporate stash of Ether anywhere. Its total stands at 4.326 million ETH.

In February’s weak period, it picked up an extra 40,613 ETH. The firm has been moving its main holdings from Bitcoin to Ethereum. BitMine calls these buys part of its “Alchemy of 5%” strategy, with a goal to one day own 5% of all circulating ETH.

Ether still faces selling pressure, but it steadied somewhat today and sits close to $1,970 while trying to push back above the key $2,000 mark.

One clear difference in 2026 comes from stablecoin and real-world asset use on the chain. Stablecoin transfers on Ethereum doubled over the last two quarters and hit a new high of $8 trillion in the fourth quarter of 2025. Analyst Michaël van de Poppe says “price follows narrative.”

Right now, he sees Ethereum taking the lead as the main network for moving more than $180 billion in stablecoins around the world.

The basic role of the Ethereum network stays the same. As Lee explained, trying to nail the precise low point matters less than the bigger picture. Technical signals hint at support building, and ongoing staking adds more pressure on floating supply. That sets up solid groundwork ahead, even if everyday retail buyers have yet to jump back in.

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