According to CryptoQuant data, the amount of ether being staked is close to reaching an all-time high, despite an increase in supply. Polymarket bettors are giving a 90% chance of a US-based ether exchange-traded fund being approved by July 26, but there are still several steps that need to be taken before trading can begin. The increasing supply of ether suggests that it has returned to being an inflationary asset, but staking and burning can help counteract this. The race to launch an ether ETF is heating up, with Invesco and Galaxy announcing a 0.25% management fee for their proposed ETFs.