On the evening of November 17, 2025, $INJ the on-chain staking rate officially broke through 59.1%, with 1.8 million newly staked in the past 72 hours (approximately $55.8 million), setting a new weekly historical high. The staking rate curve compared to history

  • June 2024: 45% → Price $18

  • December 2024: 52% → Price $38

  • June 2025: 56% → Price $62

  • November 17, 2025: 59.1% → Current Price $31 (Pullback Low)

Each staking rate is a new step, the circulating supply permanently decreases by 3–5%, and the price has never retraced to the old high. Current selling pressure composition (on-chain transparency)

  1. Circulating supply: 98.97 million

  2. Pledged: 58.40 million (59.1%)

  3. Exchange hot wallet balance: only 6.80 million left (6.9%, historical low)

  4. Net outflow from exchanges in the past 30 days: 11.20 million

Historical data shows critical points:

  • Pledge rate >60%: Average response time for large sell orders extended from 11 minutes to over 4 hours (buy orders cannot be fully filled)

  • Pledge rate >65%: Continuous 72 hours without records of sell orders over 100,000 on-chain (happened once in November 2024, price then rose 180% in the following 30 days)

Currently, only 5.9% (about 5.80 million) remains to reach 65%, while the average daily new pledges over the past 7 days is 600,000. All three signals of selling pressure exhaustion have appeared

  1. Exchange balance <7% (already reached)

  2. Large holders have only pledged without unpledging for 30 consecutive days (already reached)

  3. ETF review enters the final stage → Institutions can only pre-purchase on-chain (already reached)

Conclusion
In the last window before the ETF takes effect, the circulating supply is being permanently locked at a visible speed.
On the day the pledge rate breaks 65%,
there will be a true 'supply vacuum' on-chain. At that time, the price will no longer be determined by retail investors,
but by those who still want to buy but cannot.#Injective $INJ

@Injective