Santiment: ETH deposits pass 50% on paper — CoinShares: active stake ~31%
Santiment tok say dem deposits we dey go Ethereum staking deposit contract don reach about 50.18% of all ETH (≈80 million ETH), so e pass 50% mark small. CoinShares and oda analysts talk say dis number no correct because di deposit contract dey show all lifetime deposits and e no include withdrawals we Shanghai/Capella upgrade open. After dem balance withdrawals, validator exits and withdrawal data (from sources like Ethplorer and CryptoQuant), CoinShares estimate say net active stake — na di ETH wey still dey secure di network — na about 37 million ETH, or about 30.8% of circulating supply. Di koko na methodology: Santiment dey report gross cumulative deposits, but CoinShares dey report net active stake wey minus withdrawals and inactive/exited validators. For traders, dis difference matter. Gross deposit numbers fit make ETH wey dem say don lock up look more than e be and fit make liquid circulating supply look less, and dat fit affect supply-based models, ETF flows, staking-related risk checks and liquidity forecasts. But even 31% active stake still plenty committed capital wey dey support network security. Traders suppose use validator- and withdrawal-aware metrics (net active stake) when dem dey model supply shocks, staking-related sell pressure, or institutional exposure.
Neutral
Di tori news na, e more be methodology mata dan say e mean say immediate change for supply or new catalyst. Santiment 50.18% figure na gross, cumulative measure and fit make person misread am like say more ETH don lock from circulation pass wetin really dey secure the network. CoinShares correction (net active stake ≈31%) reduce how people dey see locked supply and mean say more liquid ETH fit dey available, wey fit cool down bullish stories wey depend on >50% locked supply. Short-term price impact likely small: the update dey correct analyst models and fit change traders’ assumptions about available supply and potential selling pressure, but e no change on-chain balances or economic policy by itself. For medium term, clearer use of net active stake metrics fit improve pricing models for staking products, ETF flows and liquidity risk assessments. Overall, the story dey reduce overstatement of locked supply (so e go temper extreme bullish interpretations) but still confirm say plenty committed stake remain, so market reaction suppose be measured and data-driven no directional.