Ethereum has fallen more than 60 % from its summer 2025 peak, with ether trading around $1,900, yet ETH holders are keeping their tokens staked. The exit queue has shrunk from 2.6 million ETH in September 2025 to zero on July 22, 2026, while 2.48 million ETH now wait to enter staking. In total, 40.9 million ETH are locked, representing 33.55 % of the circulating supply, with the network accepting only about 57,600 new ETH per day. Bitmine, the world’s largest holder with 5.8 million ETH including 4.9 million staked, generated $45.7 million in staking rewards during the third quarter. Ethereum ETFs also saw positive inflows in July following eight consecutive weeks of outflows.
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