ethereum staking hits 28.7% of supply, approaching the 30% threshold that preceded 20-30% rallies within 90 days in past cycles. only 12.2m eth left on exchanges, lowest ever recorded. pectra upgrade in q1 2026 lets validators consolidate from 32 eth to 2048 eth. institutions aren't staking for 3.2% yield, they're locking supply before the consolidation rush begins.
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