Total staked ETH tokens were at 18.62 million on Monday as per data presented by crypto analytics firm Glassnode. That’s an increase of nearly 500,000 in one week, the fastest pace at which the total number of staked ETH tokens has risen since late February.

It also marks a new all-time high for the total number of staked ETH tokens.

Given last week’s market reaction, one might expect a continued rise in the total number of staked ETH tokens to provide an ongoing tailwind to the ETH price.

Assuming that when investors deposit their ETH into the staking contract that this is a long-term investment play, this should act as a deflationary tailwind for ETH.