Two numbers are moving in the same direction on Ethereum (ETH) right now, and they pull in opposite directions on how much of the asset can actually trade. US spot Ethereum ETFs drew $218.4 million last week, a third straight week of net inflows, while the share of all ETH locked in staking has climbed to a record of about 34% of supply. ETH itself traded near $2,490, up roughly 30% over the past month even as it remains down about 16% for the year.
New institutional money is flowing into ETFs that buy and hold Ether; at the same time, a growing slice of the total supply is being locked away in staking contracts and taken out of circulation. That raises a specific question for anyone watching the flows: is the ETF bid buying into a shrinking float, and what happens to price when steady demand meets tightening supply?
Ethereum has held near $2,490 after a strong month, up about 30% over 30 days but still down for the year. Source: TradingView.The Week’s ETH ETF Flows, in Context
The $218.4 million figure is the latest in a run, not a one-off. US spot Ethereum ETFs have now posted three consecutive weeks of inflows, following $824.4 million in the week to August 28 and $697.2 million the week before that, roughly $1.74 billion across the three-week stretch, per SoSoValue data. Last week’s total is smaller than the two that preceded it, so the pace has cooled even as the direction held.
US Ethereum ETF weekly net flows turned sharply positive in late August; last week’s $218 million extended the run at a slower pace. Source: SoSoValueOver the same week, US spot Bitcoin ETFs took in about $986.9 million, so Bitcoin drew more than four times the Ethereum total. Both figures were positive and both extended multi-week streaks, part of a broader run of institutional buying FinanceFeeds tracked as crypto funds closed the week with net inflows, but Ethereum’s inflow did not exceed Bitcoin’s.
A Third of Ethereum Supply, Locked
While the ETF money arrives, more ether is leaving circulation through staking. The staking ratio has reached a record of about 34%, with roughly 41.4 million ETH now committed to validator contracts and more than 1.4 million added in the past week, per AMBCrypto, citing ValidatorQueue data. That extends a steady climb from about 35.6 million ETH at the start of 2026 and 39.7 million by mid-June, according to Datawallet’s reading of Beaconcha.in and the hildobby Dune dashboard, up from roughly 29% of supply, driven by the yield staking pays and the spread of liquid staking that lowered the entry barrier.
The corporate treasuries are part of it: BitMine alone staked another 150,120 ETH in the same week, bringing its staked holdings to about 5.07 million ETH, roughly 87% of its total Ethereum stash. The rise carries a counterweight, though. As more ETH is staked, the reward paid to each validator falls, and the base staking yield has dropped to about 2.7%, down from above 4% in 2023, a decline built into Ethereum’s issuance. A large share of staking also runs through a handful of providers, with Lido the single largest.
Investor Takeaway
A record 34% of ETH is now staked while ETFs keep buying, so the setup is one of steady demand meeting a supply where a growing share is locked out of circulation, which tightens the tradable float even when the total coin count barely changes.
The Float Question
Staked ether is not sitting on exchanges ready to be sold. It is committed to securing the network and earning rewards, and it generally stays put. That means the number of coins available to trade shrinks as the staking ratio climbs, even though the total supply of about 121 million ETH moves little day to day.
The caveat is that the unstaked remainder is not all free float either. A meaningful portion sits in long-term cold storage, corporate treasuries and lost wallets. Corporate holders have been adding to that locked pool: BitMine alone holds more than 5.9 million ETH in its treasury, per CoinGecko data. So the genuinely tradable float is smaller than the headline supply, which is exactly why steady ETF absorption can matter more to price than the inflow figure alone suggests, a supply-tightening dynamic FinanceFeeds has mapped in its year-end ETH scenario work.
Who Is Buying and What Would Break the Pattern
On the demand side, the buyers are the regulated funds and the treasuries. BlackRock’s ETHA has led ETF inflows, several issuers, including Fidelity, have moved to add staking to their ETH products, and corporate treasuries like BitMine continue to accumulate. The FinanceFeeds multi-year ETH scenario page frames how much of the long-term case rests on this staking-and-ETF plumbing rather than on transaction fees.
Three things could break the pattern. First, ETF flows could reverse, as they briefly did in June, removing the demand side of the squeeze. Staking could unwind if yields keep falling and holders unstake to sell, adding supply back to the market. And the macro backdrop matters: with the Federal Reserve’s rate path unsettled and markets pricing a possible September hike, a tightening in liquidity conditions would test whether the ETF bid persists. For now, demand is rising into a shrinking float, but each of those levers can turn.
Investor Takeaway
The forward variables are whether ETF inflows hold their three-week pace, whether staking keeps locking supply or begins to unwind as yields fall, and whether the macro backdrop stays supportive, so the tradable-float squeeze is a real dynamic rather than a settled outcome.
