Ethereum under pressure: ETF outflow, record ETH in staking

Ethereum has had a difficult month. The price of ether slipped toward €1,545 (as of 17 June) and lags behind bitcoin. Yet the market tells a story with two faces: institutional parties are selling via ETFs, while a record amount of ETH is actually locked in staking.

Institutional capital steps out

US spot Ethereum ETFs recorded a net outflow of more than €145 million over the past thirty days. The picture is most sharply illustrated by BlackRock's iShares Ethereum Trust (ETHA): the fund manages more than €4.4 billion, but is deep in the red for 2026. In short: selling is happening via ETFs, while retail holders actually seem to be buying.

Staking shows the opposite

Beneath the surface, something notable is happening. There is now about 39.5 million ETH locked in staking — more than 32% of the total supply. Important detail: the queue to unstake is almost empty, so exiting now takes minutes instead of weeks. That large holders nonetheless keep staking is a sign of long-term confidence: they choose yield over selling.

At the same time, less ETH sits on exchanges than ever. Historically, a low exchange balance is seen as a sign that holders do not plan to sell in the short term — which can dampen selling pressure.

What does this say about the market?

The contrast is the story. The price is under pressure due to visible ETF outflows, but the underlying holder data (staking up, exchange balance down) points to conviction. For a real turnaround, analysts are looking at two things: a return of inflows into ETH products and continued growth in network usage.

In the background, Ethereum is moreover working on its next major upgrade, Glamsterdam, aimed at more network efficiency and processing capacity in the second half of 2026. Whether that is enough to tip sentiment remains to be seen.

Source: CryptoBenelux, BTC Direct, Crypto Koers Euro