The proportion of pledged ETH has risen to 31%, deviating from the price trend, and the confidence on the chain continues to strengthen According to BlockBeats, on May 19th, although ETH prices fell by about 26% this year, the Ethereum staking ratio has increased from 29% at the beginning of the year to about 31%, indicating that long-term holders ignore price weakness and on chain risks and continue to reduce circulating supply. Historical data shows that in the context of tight liquidity supply, once there is a substantial recovery in demand, it will provide favorable support for prices. At the same time, liquidity pledge agreements such as Lido have significantly lowered the participation threshold, expanding the pledge group from professional validators to a wider range of retail and institutional users. Analysis suggests that with the maturity of spot ETF products and the expansion of RWA tokenization activities on Ethereum, institutional demand for staking ETH may bring structural capital inflows to the staking ecosystem. Despite the poor performance of ETH prices, Ethereum's core position in RWA settlements, DeFi infrastructure, and Layer 2 activities is still consolidating, and whether the price can reverse may depend on the speed at which institutional capital shifts from narrative to actual allocation. [Original link]