Ethereum added 361,000 ETH to active stake while its total staking balance shrank
From Oct. 1–30, Ethereum recorded 1.40 million ETH in deposits and 1.51 million ETH in withdrawals, a net outflow of about 111,000 ETH. Yet active effective stake rose from 35.82% to 36.09% of supply, an estimated increase of 361,000 ETH. The figures are not contradictory: deposits, activations, exits and withdrawal payments occur at different times, while rewards and validator consolidations can also change active stake. Meanwhile, total consensus-layer holdings fell by about 80,000 ETH and their share of supply declined. CryptoKeyhole’s entry queue shrank by roughly 352,000 ETH, but queue changes do not directly measure activations. The aggregate data cannot identify exactly what drove the rise in active stake, nor show that withdrawals were sold.
