Ethereum staking has surpassed 30% of its total supply, with 36.3 million ETH now staked, significantly reducing the circulating supply. This marks a 0.89% increase year-to-date, from 35.99 million ETH at the start of the year. The total supply of Ethereum stands at 120.69 million, and the increase in staked ETH reflects growing investor confidence despite market volatility. The rise in staked Ethereum enhances network security and indicates long-term confidence among holders. However, as more ETH is staked, the annual percentage yield (APY) decreases. Currently, over 2.6 million ETH are queued for staking, with a wait time of 45 days, while only 64 ETH are in the exit queue, showing minimal interest in unstaking. Additionally, Ethereum's network activity has surged, with daily transactions reaching a record 2.88 million on January 16. This increase in on-chain activity is coupled with a decline in transaction fees, which have dropped to 0.054 gwei ($0.01), making transactions more affordable. Despite these developments, Ethereum's price remains subdued due to broader macroeconomic challenges.