This milestone arrived as Ethereum fell 37% since January. Stakers are betting on recovery while collecting 2-4% annual yields. It's a calculated hedge during market consolidation.
With more than a third locked away, trading liquidity is tighter. Smaller moves in either direction can swing harder. Institutions and traders feel the thinner order book.
Lido Finance controls about 30% of all staked ETH — roughly 10% of Ethereum's entire supply. That concentration in one smart contract creates systemic risk if governance stumbles.
If recovery arrives, stakers may unstake and redeploy capital elsewhere. If the bear persists, staking could climb higher. The ratio will shape how liquid and productive the network remains.
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