CryptoQuant analyst PelinayPA highlighted a divergence between Ethereum’s price and staking participation, according to a ChainCatcher report published on November 10, 2026, at 08:30:55 UTC+8. The valuation question is whether a larger staked share of ETH can support price despite weaker market prices and declining staking inflows.
Staked supply rose while price fell
The analyst reported that Ethereum’s staking rate had increased by approximately 4.32% since May, with about 36.32% of total ETH supply staked at the time of the report. The source does not clarify whether the 4.32% increase represents relative growth or a percentage-point change.
Meanwhile, ETH’s price on Binance had fallen from approximately $2,800 in October to $2,132. Continued growth in the staking share suggested that price weakness had not prompted investors to substantially reduce their commitment to staking, according to the analyst.
However, total staking inflows fell 40.11%. The report does not specify the comparison period for that decline. This distinguishes the accumulated share of supply staked from the flow of ETH entering staking: a rising staking share does not necessarily mean inflows are accelerating.
Supply support remains conditional on demand
PelinayPA argued that higher staking participation reduces the freely tradable supply of ETH and could support price when demand is strong. That supply constraint is not permanent, however: validators can initiate withdrawals.
The analyst’s medium- to long-term outlook was therefore conditional. If the market absorbs selling pressure and attracts sufficient demand, staking-related supply dynamics could help establish a foundation for a stronger upward trend. The staking figures alone do not establish a fair value for ETH or demonstrate that demand will be sufficient.