Ethereum prices continued to decline, but on-chain staking demand did not cool down accordingly. Data shows that more than 3.1 million ETH are currently waiting to be staked, equivalent to approximately $5.45 billion according to the article's figures; in contrast, only about 49,700 ETH are waiting to be unstaking.

The pledging queue still favors inflows.

This structure is generally considered a bullish signal. As more ETH is staked, the circulating supply decreases, indicating that some holders still prefer to lock up their holdings for the long term rather than sell in the short term.

• Awaiting staking: Over 3.1 million ETH
• Awaiting exit from staking: Approximately 49,700 ETH
• The estimated value in the article is approximately US$5.45 billion.

Short-term impact still affected by deleveraging

However, strong on-chain data does not necessarily mean that prices will rise immediately. The article mentions that the broader market environment still dominates ETH's short-term performance, and risk aversion, leverage reduction, and profit-taking may outweigh the support from staking.

This means that even if staking reduces the circulating supply in the market, the price of ETH may continue to be under pressure as long as risk appetite declines. This also explains why ETH has weakened even when staking demand remains high.

New requests have slowed since May

Another noteworthy change is that new staking requests have declined since early May. While the current queue size remains large, a continued slowdown in new applications could indicate a weakening of subsequent demand.

Overall, ETH is currently showing a situation where on-chain staking interest remains high, but short-term market sentiment is weak. Staking queues reflect a long-term holding tendency, while price performance is more influenced by risk appetite and the pace of deleveraging.