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Crypto : 50% of ETH staked on paper, only 31% in active stake

10h07 ▪ 3 min read ▪ by Lydie M.
Getting informed Bitcoin (BTC)
Summarize this article with:

The threshold of 50% of ETH “in staking” announced by Santiment looks like a reassuring milestone, almost triumphant. But it triggers a controversy: does this figure really measure active staking or only accumulated deposits? The difference is not trivial, as it changes the reading of supply, network security, and market sentiment.

Ethereum staking gauge 50 vs 31, shocked analyst, revelations.*

In brief

  • Santiment claims that 50.18% of the ETH supply is staked, but this figure triggers a controversy.
  • CoinShares explains that the deposit contract accumulates deposits and does not properly reflect withdrawals.
  • According to CoinShares, the truly active staking would be about 31% of the supply, far from the announced 50%.

The 50% that makes noise

While Ethereum is preparing to trigger a silent revolution with Glamsterdam, another indicator grabs attention: Santiment claims that 50.18% of the ETH supply is recorded in the staking deposit contract. In other words, nearly half of the ETH would have shifted to the yield and security machine.

This figure is spectacular because it suggests a scarcity. Fewer “free” ETH, thus potentially more tension on supply if demand returns. This is a classic reading, and it fits well with the crypto narrative of “supply shock.”

But it is also a reading that can mislead, because it confuses an administrative record with the actual network state. And that is where CoinShares stepped up.

Why the deposit contract lies by omission

CoinShares, through researcher Luke Nolan, challenges the conclusion: the deposit contract is not a thermometer of active stake. It records deposits, period. And it does not automatically “subtract” withdrawals.

The ~80 million ETH mentioned concern Ethereum and, in the crypto ecosystem, correspond more to a sum of past deposits than to a balance actually immobilized today. Nolan calls it an “inaccurate, or materially misleading” figure, precisely because it ignores the effect of staking withdrawals.

According to CoinShares’ estimate, what really contributes to network security revolves around 37 million ETH, or about 30.8% of the supply. We are no longer in symbolism. We come back down to earth.

What really changes in crypto with staking at 31%

At 31%, Ethereum remains very “staked.” It is not a small figure. It is a mass of ETH committed, with concrete implications on security, liquidity, and economic incentives.

But the difference between 31% and 50% changes the narrative. At 50%, some imagine a nearly locked network, a choked supply, a market ready to react violently to any incoming flow. At 31%, the story becomes more nuanced: there is ETH liquid, and the market can breathe.

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Lydie M. avatar
Lydie M.

Enseignante et ingénieure IT, Lydie découvre le Bitcoin en 2022 et plonge dans l’univers des cryptomonnaies. Elle vulgarise des sujets complexes, décrypte les enjeux du Web3 et défend une vision d’un futur numérique ouvert, inclusif et décentralisé.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.