Ethereum has entered a critical phase in its transition to a stake-based model, crossing a major threshold with over 35 million ETH now locked in staking contracts.

This figure represents roughly 28.3% of Ethereum’s total supply and is worth more than $84 billion at current market prices.

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Blockchain analytics firm Sentora reports that this is the highest proportion of ETH ever staked. The firm stated that the trend accelerated in June when over 500,000 ETH were staked within the first half of the month.

This increase follows clarity from the US Securities and Exchange Commission (SEC). The agency’s May guidance has given institutional investors more confidence in Ethereum’s staking prospects.

As a result, large investors, including whales, have shown