Large staking institutions are once again increasing their Ethereum holdings. According to on-chain data, a leading staking service provider added 82,560 ETH in early January, with a market value of approximately $259 million, bringing their total staked amount to over 544,000 ETH. This move further pushes up the queue for Ethereum validators, approaching the critical level of 1 million ETH.

From a market structure perspective, each ETH staked is equivalent to freezing an asset from the circulating market. Large-scale staking activities continuously reduce the available liquidity in the secondary market, exerting direct pressure on the ETH supply curve. This structural change is worth the attention of traders and investors.