L2 growth and $120 billion in staking hide Ethereum’s supply reality

According to CryptoSlate, Ethereum's institutional data hub recorded approximately $120 billion in staked ETH alongside a daily average of $40.4 billion in total value locked across layer-2 networks on Sept. 21. Reporting by CryptoSlate notes that these figures measure distinct network functions and cannot be combined to represent fresh demand. While large staking and L2 balances were present, US-traded Ethereum ETFs experienced over $140 million in net outflows between Sept. 15 and 18, according to data cited by CryptoSlate.

CryptoSlate explains that staking balances reflect both committed coins and valuations rather than new capital supplied during a specific period. Furthermore, layer-2 assets and operator payments for Ethereum services differ from user fees, and execution base fees and blob fees affect supply reduction through burning differently from token issuance. CryptoSlate highlights that determining actual ETH demand and holder value requires tracking specific acquisition flows, settlement fees, burn rates, and issuance over time.