According to Santiment, over the past four days, the activity of large stETH holders reached its highest sustained level since April. In early November, analysts recorded more than 630 daily transactions worth $100,000 or more.
This activity is observed near the $2100 price mark for Ethereum. Santiment believes that large holders are not simply exiting staking, but are actively changing their positions and using staked assets for financial operations.
According to Santiment's observations, high lending activity indicates the use of stETH as collateral to obtain Ethereum and other assets. This allows large holders to maintain staking positions while simultaneously freeing up capital.
Analysts view such behavior as a sign of increased risk activity rather than a mass exit of investors from Ethereum.
At the same time, Santiment called $2100 an important level for further observation. If the asset holds near this mark and the number of large transactions remains above 500 per day, a return to $2200 could confirm strengthening demand for risk assets.
Instead, a drop to approximately below $2050 amid high leverage would increase the risk of liquidations and further pressure on the market, the experts emphasized.
Ethereum's share in staking reached 36.32%
According to CryptoQuant, since May the share of Ethereum in staking has grown by approximately 4.32%. Currently, 36.32% of the asset's total supply is in it.
Analysts drew attention to the divergence between Ethereum's price dynamics and the staking indicator. While the price is declining, the share of staked coins continues to grow. According to CryptoQuant, this indicates that investors' interest in long-term holding of Ethereum is being maintained.
The increase in the staking share also reduces the volume of liquid coins in free circulation. This could potentially reduce Ethereum's supply on the market and support the price, provided there is sufficient demand, the statement said.
At the same time, analysts cautioned that staked coins are not locked forever: validators can initiate their withdrawal.
Despite the growth in Ethereum's overall staking share, the daily Staking Inflow indicator decreased by 40.11%. CryptoQuant emphasized the importance of distinguishing between two trends: the long-term increase in the share of staked coins and the current activity of new funds inflows.
Recall that earlier, Ethereum co-founder Vitalik Buterin stated that Ethereum should be viewed as a store of value.