Ethereum Staking Reaches New Record as Validator Rewards Fall to Historic Levels

TL;DR:

• A total of 41.04 million ETH remains locked in the network, representing 34% of the circulating supply.
• Annual validation rewards dropped to 2.62%, while the issuance rate rose to 0.842%.
• The total notional value deposited stands at $77.7 billion, recording a 40% year-over-year decline.

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Ethereum Staking reached a record figure, attaining 41.04 million tokens locked in the network. This was confirmed by data shared on Friday by analyst Merlijn The Trader. This volume is equivalent to 34% of the digital asset’s total circulating supply.

41,040,000 ETHEREUM ARE LOCKED IN STAKING

A record 34% of the entire supply.

That stake is worth $77,700,000,000 today.
Down 40% in a year.

Stakers now earn 2.62%, down from 3.05%.
Issuance rose from 0.757% to 0.842%.

Record supply locked. Lowest payout ever offered to lock… pic.twitter.com/e3nJDYmOqG

— Merlijn The Trader (@MerlijnTrader) July 24, 2026

Despite this historic accumulation in the protocol, the notional value of the deposited assets stands at around $77.7 billion. The report shared by Merlijn The Trader reveals that this valuation reflects a 40% decline compared to the previous year.

Likewise, validation yields showed a contraction. Analysis data indicates that annual rewards fell to 2.62%, compared to 3.05% previously. In parallel, the issuance rate rose from 0.757% to 0.842%. According to information from the source, the reduction in returns could prompt investors to evaluate alternative yield options. However, the reduced circulating liquidity does not eliminate the risk of selling pressure from liquid staking tokens or withdrawals.

Technical Levels and Key Market Supports

On the daily ETH/USD chart on Bitstamp, the price trades near $1,859.2 after dropping 0.95%. The price remains below the main Fibonacci range. According to the technical report by Merlijn The Trader, the cryptocurrency holds key support between $1,800 and $1,780. If this zone is lost, the analyst’s estimates point out that the price could test $1,700 or $1,600.

To attempt a recovery, the asset must break above $1,950 and consolidate above $2,000. A daily close above $2,120.7 would open the path toward $2,592.1, according to the trend identified by the source.

Momentum indicators reflect a mixed scenario on the daily chart, with the MACD at 41.8 above its signal line at 38.3 and the RSI at 54.45 points. The market will keep a close eye on the $1,780 support level over the coming sessions.