Key Insights:
- Accumulating Ethereum crypto staking addresses signals returning confidence at discounted ETH prices.
- Ethereum ETF kicks off the week on the demand side of things after last week’s outflows.
- Ethereum Coinbase premium suggests a heavy discount despite weak demand.
Crypto staking has long been considered a yardstick for measuring investor confidence ever since the dawn of proof of stake. This is why the demand for Ethereum crypto by staking addresses is an important metric.
Recent data revealed that Ethereum crypto staking wallets are on the move, and this warrants attention. According to Lookonchain, staking wallets have reportedly been accumulating the cryptocurrency mostly through Binance.
Ethereum crypto stakers reportedly acquired over 26,000 ETH worth roughly $76.4 million on Monday
Rising demand from Ethereum stakers suggests rising confidence for long-term holding. However, it also warrants a look at how this cohort of holders have fared in the last few months.
According to CryptoQuant, Ethereum staking inflows took a hit in Q4, likely due to rising uncertainty at the time, and bearish market conditions. However, staking inflows surged considerably since the start of January as sell pressure cooled.
Ethereum ETF Kicks Off the Week Back on the Demand Side
Ethereum ETF maintained a streak of outflows last week but could be pivoting this week. For context, they lost roughly $600 million worth of liquidity courtesy of the outflow streak during the week.
Spot institutional demand just kicked off the week with inflows worth $117 million on Monday. In other words, spot inflows yesterday were roughly 20% of the total outflows experienced last week, signaling strong demand.
ETF demand for Ethereum crypto, combined with demand from staking addresses, contributed to the bullish momentum it experienced on Monday. ETH price bounced back by 4% yesterday after previously dipping to levels last seen in the third week of December last year.
Interestingly, Ethereum crypto net spot outflows amounted to $135 million during the same trading session. This may explain the limited upside. Large orderbook data also revealed that demand from whales was lacking.
Weak follow-up demand from whales and the overall market was not unexpected. This is because the market awaits more clarity from key data coming this week, including the FED’s interest rate decision, hence prevailing uncertainty.
Ethereum Crypto is Currently Discounted
The current market data hints at declining selling pressure and weak demand. However, this does not necessarily paint a clear picture of the current state of the market.
Ethereum crypto remains heavily discounted, especially after the sell pressure it experienced in the second half of 2025. The Ethereum Coinbase Premium just dropped to its lowest levels since early 2023, highlighting a large negative premium.
According to the analysis, this means Ethereum crypto is currently trading at a large discount on Coinbase. The latter is an essential proxy for institutional demand, therefore pointing towards weak demand from the institutional cohort.
The Coinbase Premium also compares demand in the US versus demand in the rest of the world. According to the data, weak Coinbase demand in the US compared to outside demand on Binance failed to contribute to the momentum that Ethereum crypto needs for a strong recovery.
Although the current market conditions underscore weak demand, there were some noteworthy developments around Ethereum. For example, Vitalik Buterin recently proposed major changes aimed at longevity. The network has also been pushing towards post-quantum cryptography.