Prominent crypto personality Udi Wertheimer recently offered a nuanced perspective on Ethereum's staking ecosystem, emphasizing that unstaking activity does not solely indicate selling pressure. In a social media post, Wertheimer noted, > "to be fair there could be many reasons why this is being unstaked. doesn’t have to be selling. also there’s a healthy amount of eth queued up for staking at this time." This statement provides insight into the complex dynamics of the Ethereum network post-Shapella upgrade.
The ability to unstake Ethereum (ETH) was enabled by the Shapella upgrade in April 2023, a significant development following the network's transition to a Proof-of-Stake (PoS) consensus mechanism in 2022. While some market observers initially predicted a mass exodus of staked ETH, the reality has shown continued growth in the total amount of ETH locked in staking. For instance, staked ETH grew by over 10 million in 2023 alone, reaching nearly 29 million by year-end.
Reasons for unstaking are varied and extend beyond immediate liquidation. Participants may unstake ETH for portfolio rebalancing, to move funds to liquid staking solutions offering more flexibility, or to re-stake through different protocols for optimized returns. This multi-faceted approach to unstaking underscores the maturity of the Ethereum staking market, where participants actively manage their positions rather than simply exiting.
Despite these unstaking activities, the total amount of ETH staked continues to be substantial. As of 2025, approximately 33.8 million ETH, representing about 27.57% of the total supply, is staked on the Ethereum network. The continued presence of a robust entry queue for new stakers further reinforces the ongoing confidence and participation in securing the blockchain.
The sustained high volume of staked ETH signifies the network's health and the long-term commitment of its participants. While the gradual increase in staked ETH has naturally led to a decrease in the annual percentage rate (APR) for stakers due to the economic model, the overall stability and security provided by a decentralized and well-capitalized validator set remain paramount for the Ethereum ecosystem.