Bitcoin 
Ethereum 
Tether 
Solana 
BNB 
XRP 
Dogecoin 
USDC 
Cardano 
Lido Staked Ether 
TRON 
Avalanche 
Toncoin 
Shiba Inu 
Stellar 
Wrapped stETH 
Wrapped Bitcoin 
Polkadot 
Chainlink 
Bitcoin Cash 
WETH 
Sui 
Pepe 
LEO Token 
NEAR Protocol 
Litecoin 
Aptos 
Uniswap 
Wrapped eETH 
Hedera 
Cronos 
Internet Computer 
USDS 
POL (ex-MATIC) 
Ethereum Classic 
Render 
Bittensor 
Kaspa 
Ethena USDe 
Artificial Superintelligence Alliance 
Bonk 
WhiteBIT Coin 
Arbitrum 
Dai 
VeChain 
MANTRA 
dogwifhat 
Filecoin 
Cosmos Hub 
OKB 
Approximately 40% of Ethereum supply is locked as the market anticipates the final approval for ETH spot-based exchange-traded funds (ETFs).
A breakdown of this “locked supply” shows that over 33 million ETH is staked on the network, representing around 28% of Ethereum’s total supply, according to Dune Analytics data.
Proof-of-stake networks like Ethereum require users to “lock up” their digital assets to support its security and operations, and in return, they earn rewards.
Additionally, 12% of the supply is locked in smart contracts and bridges, which are seeing high adoption lately. For example, A.J. Warner, Chief Strategy Officer at Offchain Labs, noted that ETH in the Arbitrum One bridge has consistently increased over the past three years.
Market observers believe this substantial ETH lockup and the impending ETF approval will boost ETH prices. Tom Dunleavy, Managing Partner at MV Capital, pointed out that the approval of spot Ether ETFs will significantly impact the market. He stated:
“The spot ETH ETF flows are going to rapidly move this market.”
ETF approval
Meanwhile, anticipation continues to grow surrounding the final approvals for a spot Ethereum ETF in the United States.
On July 9, Bitwise’s Chief Commercial Officer, Katherine Dowling, said the ETFs are nearing approval, pointing out that the Securities and Exchange Commission (SEC) was addressing only a few remaining issues.
Dowling suggested the products might be approved over the summer, a sentiment echoed by Bloomberg ETF analyst James Seyffart.
Seyffart speculated that approval could come by the end of the month despite his low confidence in exact launch date predictions. He said:
“I have fairly low confidence in those launch date predictions at this point. There’s no deadline & SEC’s Corp Fin is taking its time here (I don’t blame them). But these changes were very minimal and [i don’t know] why the ETFs wouldn’t be ready to go within a couple of weeks.”
Meanwhile, crypto bettors on Polymarket expect the products to launch before the end of the month, with an 87% chance of being listed for trading by July 26.
