Ethereum is leading a double life in 2026. On one hand — the network is operating at record levels: 35.8 million ETHis staked, which accounts for 30% of the total circulating supply, and the number of active validators has exceeded 1.1 million. Transaction activity remains high. On the other hand — the price has fallen almost 46% since the beginning of the year, and large capital is steadily leaving the asset.

The main indicator is — flows into ETFs. American spot funds on Ethereum recorded outflows for 17 days in a row, losing a total of about $401 million in May alone. For comparison: during the same periods, spot Bitcoin ETFs were turning to inflows. Institutional money made a conscious choice — not in favor of ETH.

On-chain data adds a worrying signal. The number of large transactions on the network has collapsed by 86.6% in just two weeks — from 2194 operations on June 5 to 294 by June 19. This doesn't necessarily mean massive sales: analysts tend to interpret such behavior as a waiting phase on the part of large holders, who have taken a pause in the face of macroeconomic uncertainty.

The paradox is that Ethereum's network fundamentals continue to improve regardless of the price. The protocol is preparing for an upgrade Glamsterdam — it will introduce parallel transaction processing and significantly reduce fees. The testnet is expected in July-August, launch on the main network — in the second half of the year. The SEC and CFTC officially recognized ETH as a digital commodity, removing years of legal uncertainty.

But so far all this is not being converted into upward price pressure. Ethereum finds itself in a situation where the infrastructure is being built, the technology is evolving — and the market is voting with its feet. The good news: on July 11, Ethereum ETFs recorded a net inflow for the first time in eight weeks — $84.42 million. This is the first signal of a possible reversal of institutional sentiment.

#Ethereum
#ETH
#ETF
#staking
#cryptocurrency
#institutionalinvestors
#cryptomarket
#Brick