Ethereum News Today: Ethereum Circulating Supply Hits 121 Million as Staking Locks 36.18 Million

Ethereum’s circulating supply has officially surpassed 121 million ETH as of August 8, 2025, according to data from CryptoQuant [1]. This marks a significant milestone for the network, reflecting nearly three years of steady supply expansion. The network currently issues between 2,500 and 3,000 new ETH per day, maintaining a consistent minting rate despite ongoing protocol updates [1].

The slow but steady growth in circulating supply is partially offset by the increasing amount of ETH being locked in staking contracts. Over 36.18 million ETH is currently staked, which effectively removes these tokens from circulation and moderates inflationary pressures [1]. This dynamic has become a central feature of Ethereum’s monetary model since its transition to a proof-of-stake consensus mechanism.

The total number of ETH ever minted has now reached 157,182,039, encompassing both circulating and staked balances [1]. This figure highlights the evolving relationship between issuance and staking participation, which together shape Ethereum’s token supply dynamics. The balance between these two forces has allowed the network to maintain a controlled supply growth trajectory, even as demand for staking and other uses continues to rise.

Ethereum’s supply expansion is occurring alongside growing institutional and on-chain activity. Whale wallets—those holding between 10,000 and 100,000 ETH—have been accumulating significant amounts of ETH in recent weeks. Over 200,000 ETH, valued at $515 million, was added to these accounts in the past two weeks alone [1]. Additionally, mega whale wallets—those with more than 100,000 ETH—have increased their holdings by 9.31% since October 2024, reaching 41.06 million ETH [1]. These movements suggest institutional actors are positioning for long-term value and reducing market liquidity.

The growing participation in staking has also made Ethereum an attractive option for yield-seeking investors. With staking yields currently around 3%, over 15% of Ethereum’s total supply is now staked [1]. This not only reinforces the network’s security but also contributes to a more deflationary supply model, where issuance is partially counterbalanced by token locking.

Institutional adoption is further evidenced by strong inflows into Ethereum-based Exchange-Traded Products (ETPs). Over $990 million in ETP inflows has been recorded over 12 consecutive weeks [1]. Corporate entities such as BitMine and SharpLink Gaming have also integrated Ethereum into their corporate treasuries, signaling a broader acceptance of the asset in traditional finance. According to forecasts from Standard Chartered Bank, institutional holdings could reach 10% of the total ETH supply by 2026 [1].

On-chain activity also reflects shifting investor sentiment. Centralized exchanges now hold a record low of 18 million ETH, as investors increasingly move assets to cold storage or private wallets [1]. This trend is consistent with historical bull market patterns, where reduced exchange liquidity often precedes price appreciation.

In summary, Ethereum’s circulating supply milestone is a reflection of the network’s evolving monetary policy and increasing institutional adoption. The interplay between controlled issuance and staking participation continues to shape its supply dynamics, creating a more predictable and potentially deflationary environment. As whale accumulation, ETP inflows, and on-chain activity all indicate growing confidence, the foundation for Ethereum’s long-term value proposition appears to be strengthening.

[1] https://www.ainvest.com/news/ethereum-news-today-ethereum-surpasses-4k-whales-move-667m-wallets-2508/