A recent interesting phenomenon: ETH staking demand is hitting new highs since 2023.

Recall the period from September to October last year, when the enthusiasm for unstaking surged, but now this wave has basically subsided.

From a market structure perspective, this pattern usually appears in two stages — either a formation of a cyclical bottom or the early stage of an upward cycle. The logic is straightforward:

Staking volume increases → Circulating supply decreases → Selling pressure diminishes

More importantly, funds are not choosing to retreat hastily but are continuing to lock in. This not only reflects a change in holder sentiment but also lays a foundation for subsequent movements. Of course, these are only necessary conditions for a rebound; ultimately, it depends on whether the market can give support.