儘管ETH年內價格已下跌約26%，以太坊質押比例自年初約29%攀升至總供應量的約31%。持續成長的質押規模顯示，長期持有者在價格承壓、鏈上風險猶存的環境下，仍對以太坊維持信心，並逐步減少市場流通供給。隨著現貨ETH ETF發展與以太坊代幣化活動擴張，機構對於質押ETH部位的需求，可望為質押生態帶來新的結構性資金流入；惟該趨勢是否進一步反映在ETH價格上，仍取決於機構資金的實際配置進度。

Although ETH has fallen by approximately 26% year‑to‑date, Ethereum’s staking ratio has climbed from about 29% at the start of the year to roughly 31% of its total supply. The growing staking volume shows that long‑term holders remain confident in Ethereum despite price pressure and ongoing on‑chain risks, gradually reducing circulating supply in the market. With the development of spot ETH ETFs and expansion of tokenization activities on Ethereum, institutional demand for staked ETH exposure may bring new structural capital inflows to the staking ecosystem. Whether this will further drive ETH price performance remains subject to the actual allocation progress of institutional capital.