Ethereum staking (locking crypto to earn rewards) has climbed to a record 39.2 million ETH, representing 32.19% of the network’s total supply. The data also shows that another 3.3 million ETH are waiting to enter staking, indicating continued demand to participate in Ethereum’s proof-of-stake system (blockchain validation through locked tokens). A rising share of staked ETH can reduce the amount of freely circulating tokens available in the market while strengthening validator participation in the network’s security model.