A September 21 snapshot showed approximately $120 billion in staked ETH and $40.4 billion in average daily total value locked on layer-2 networks. These two metrics measure different use cases and cannot be added together to assess fresh ETH demand. US-traded Ethereum ETFs experienced over $140 million in net outflows between September 15 and 18, demonstrating that large staking reserves can coexist with negative investment flows. Staked funds represent ETH already held by their owners, not necessarily new purchases, which distinguishes staking balances from purchase receipts. Assets on L2 networks, fees charged to users, payments to Ethereum, and supply reduction are separate measurements that do not allow for a straightforward conclusion about the actual impact of layer-2 activity on ETH holders.
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