Since Ethereum implemented the Shapella upgrade on April 12, more than 4.4 million ETHs have been deposited into Ethereum contracts, bringing the total number to 22.58 million.
Bitfinex analysts said in a weekly report that the surge in demand for staking may stem from large ETH holders who are unwilling to liquidate their holdings and are instead looking to generate passive income.
This trend is expected to continue, especially considering that deflationary forces are expected to drive the price of ETH significantly.