Tokens in the Ethereum ecosystem that are in staking are treated differently on-chain compared to circulating tokens. In fact, they are not included in the Circulating Supply, as they remain static most of the time and do not experience regular movements. This distinction is crucial for understanding how certain on-chain metrics are calculated and how the behavior of stakers differs from that of traditional holders.
Since March 3, 2025, the Realized Price of staked Ethereum – the average price at which these tokens were acquired – fell into unrealized losses. At that time, the Realized Price was $2279 per ETH, while the market price dropped to $2149, pushing these stakers into unrealized losses from that point onwards.
Just over a day ago, on May 9, 2025, at 9:00 am (UTC), the price of Ether increased, reaching $2297, allowing staked tokens to return to unrealized gains above their Realized Price, which at that moment was $2276 per ETH.
see Charts
Staked ETH tokens play a critical role in the functioning of Ethereum, as a large portion is held by network validators, while another portion belongs to investors seeking additional returns through staking rewards. The return to Unrealized Profits in the Realized Price strengthens the confidence of these validators and investors, further reinforcing the network's security and long-term stability.
📝 Conclusion: The return to unrealized profits in Ethereum staking not only boosts the confidence of validators and investors but also signals potential strength for the entire crypto ecosystem. This type of price recovery has the potential to trigger new waves of accumulation and participation in the network, further enhancing its security and long-term stability. If ETH maintains this upward trend, we may be witnessing the beginning of a new bullish cycle for Ethereum and its most committed actors, including L2 solutions and other ecosystem players.
Signed by Carmelo Alemán, Verified On-Chain Analyst at CryptoQuant
Written by Carmelo_Alemán
