The threshold of 50% of ETH “in staking” announced by Santiment looks like a reassuring, almost triumphant milestone. But it sparks a controversy: does this figure really measure active staking or only cumulative deposits? The difference is not trivial, because it changes the reading of the offer, network security and market sentiment.
In brief
- Santiment claims that 50.18% of the ETH supply is staking, but this figure sparks controversy.
- CoinShares explains that the deposit contract accumulates deposits and does not correctly reflect withdrawals.
- According to CoinShares, actually active staking would be around 31% of the supply, far from the 50% announced.
The 50% that makes noise
While Ethereum prepares to launch a discreet revolution with Glamsterdam, another indicator is attracting attention: Santiment claims that 50.18% of the ETH supply is recorded in the staking deposit contract. In other words, almost half of the ETH would have switched to the yield and security machine.
This figure is spectacular because it suggests a rarefaction. Less “free” ETH, therefore potentially more tension on supply if demand returns. It's a classic read, and it fits well with the crypto narrative of “supply shock”.
But it is also a reading that can be misleading, because it confuses an administrative register with a real state of the network. And this is where CoinShares came to the forefront.
Why the deposit contract lies by omission
CoinShares, via researcher Luke Nolan, disputes the conclusion: the deposit contract is not a thermometer of active staking. It saves deposits, period. And it doesn’t automatically “subtract” withdrawals.
The ~80 million ETH mentioned concerns Ethereum and, in the crypto ecosystem, correspond more to a sum of past deposits than to a balance actually locked in today. Nolan calls it an “inaccurate, or materially misleading” figure, precisely because it ignores the effect of staking exits.
According to CoinShares' estimate, what actually contributes to the security of the network is around 37 million ETH, or around 30.8% of the supply. We are no longer in the symbol. We come back to earth.
What a 31% staking really changes in crypto
At 31%, Ethereum remains very “staked”. It's not a small number. This is a committed pool of ETH, with concrete implications for security, liquidity, and economic incentives.
But the difference between 31% and 50% changes the narrative. At 50%, some imagine an almost locked network, a strangled supply, a market ready to react violently to the slightest incoming flow. At 31%, the story becomes more nuanced: there is liquid ETH, and the market can breathe
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