Ethereum staking popularity continues to rise. As of the latest data, the staking queue has surpassed 1,759,000 ETH, equivalent to approximately $5.5 billion, reaching a new high since August 2023. New stakers need to wait about 30 days and 13 hours to activate, while the exit queue has been reset, reflecting sustained market confidence in Ethereum's long-term prospects.

However, there are some signs of pressure on the spot ETF front. The US Ethereum spot ETF recently experienced net outflows of $93.8 million, with BlackRock's ETH A outflow of $83.8 million and Grayscale's ETHE outflow of $10 million. But the overall market remains robust—total crypto market cap stays above $3.2 trillion, BTC has regained the $90,000 level, ETH remains steady around $3,000, and XRP has risen about 9% driven by the launch of new ETFs.

Data at the ecosystem level is even more impressive. According to Ethereum's official 2025 forecast, the total value locked (TVL) in DeFi has exceeded $99 billion, stablecoin settlement volume has reached $18.8 trillion, Layer 2 transaction fees have dropped below $0.01, the average TPS of the entire network's Rollups has reached 5,600, and on-chain RWA assets have surpassed $12 billion. Meanwhile, Tim Beiko has shifted focus from L1 development to exploring frontier applications as an Ethereum protocol advisor. Solana has urgently released version v3.0.14 for validator upgrades, and Morph has launched a $150 million payment accelerator plan to promote real transactions on-chain.

Regulatory environments are also actively evolving. Hong Kong Financial Secretary Paul Chan Mo-po stated that they will carefully consider the proposal for a gold-backed stablecoin and include virtual currencies within the financial innovation framework. US Senate Agriculture Committee Chairman Boozman is considering delaying the vote on the crypto legislation, while Goldman Sachs believes the Clarity Act could become a key catalyst for institutional adoption of crypto assets. The upgrade of the Dering Securities Class 1 license has taken effect, with virtual asset trading services expected to start in February.

On-chain major movements include F2Pool co-founder Wang Chun's address transferring 5,000 ETH to Binance, early Ethereum holders depositing 40,000 ETH to Bitstamp within two days, and whale investors adding 1 million USDC to Hyperliquid platform to increase HYPE holdings, totaling 481,000 ETH bought. These flow changes are quietly outlining the next strategic moves of market participants.