Ethereum Price Falls 15% Despite Record 36% Staking & Open Interest Drops

• Ethereum price fell roughly 15% in under three weeks, wiping out about $54 billion in market value
• Ethereum staking reached 36.11% of supply, even as Binance ETH open interest dropped nearly 20%
• ETH is trading near $2,320 at press time, with buyers yet to establish a sustained recovery

Ethereum holders are staking more coins, but the market keeps marking them down. Ethereum price has fallen roughly 15% in less than three weeks. It has erased about $54 billion in market value, even as Ethereum staking reaches a record share of supply. This contrast is causing discussions among investors who expected tighter supply to support prices.

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Ethereum Staking Grows While Traders Pull Back

The staking queues tell a different story from the price chart. On October 26, Validator Queue showed approximately 44.1 million ETH staked, representing 36.11% of supply. Another 1.27 million ETH was waiting to enter, compared with roughly 3,548 ETH queued to exit.

The gap suggests continued appetite for staking despite the selloff. But it does not necessarily represent new purchases. Existing holders can stake coins they already own, while liquid staking tokens allow some participants to retain tradable exposure.

An analyst put total ETH open interest at $11.5 billion as Ethereum lost roughly $54 billion in market value over three weeks. On Binance alone, open interest fell by $1.3 billion over the past month to $5.7 billion, a decline of about 19%.

Less leverage can make the market less vulnerable to forced selling. It can also point to traders’ reluctance to take risk. This is important before treating shrinking positions as a recovery signal.

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Why Ethereum Price Still Has Ground to Recover

ETH quarterly returns help explain why the mood remains fragile. The return table puts Q3’s gain at 70.98%, following losses of 29.06% in Q1 and 25.43% in Q2. Even that powerful rebound could not fully repair the first-half damage.

Ethereum whale activity adds another concern. Lookonchain reported that an early holder moved 1,500 ETH, valued at approximately $3.46 million, after prolonged inactivity. The visible exchange deposits call for attention. It should be noted that deposits alone do not establish that a sale has occurred.

Several analysts see a possible parallel with July, when a sharper drop in open interest was followed by an ETH rally of more than 32%. His argument is that much of the forced selling may already be over. Whether buyers return as they did then is still an open question.

ETH was trading around $2,320 at press time, after dipping below $2,300 during the session. Just five days earlier, it had traded above $2,500. The latest decline leaves Ethereum’s price close to its recent lows, with little sign yet that growing staking participation is helping it recover.

The staking numbers show that a number of holders are prepared to wait and earn rewards. Others are reducing their exposure, and their selling has continued to weigh on the market. For anyone watching for a recovery, the next test is whether ETH can hold its recent lows and attract buyers without another buildup of borrowed money.

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