New data from Dune Analytics shows that 20% of the total supply of Ethereum has been staked, with a net flow of 4.46 million ETH recorded since the Shanghai Upgrade went live. Despite the ability to withdraw staked Ether from its consensus mechanism, the upgrade has sparked a renewed wave of deposits instead of a surge of withdrawals.

The MACD indicator confirms that Ethereum has entered a new bear cycle, with the downward intersection of the MACD line coinciding with a fall in ETH's Chaikin Money Flow into negative territory, hinting at liquidity exit from the ETH market.