Grayscale shifted about 40,000 ETH onchain, according to Arkham Intelligence. The pattern matches setup for staking rewards. If approved, Grayscale ETH staking would be the first by a US spot Ether ETF sponsor.
Grayscale ETH staking signals: Arkham Intelligence tracks 40,000 ETH
Arkham Intelligence flagged large transfers linked to Grayscale. The flows fit validator preparation and funding steps for Ethereum ETF staking. The activity appeared in a tight window on Thursday.
The transfers indicate operational readiness, not activation. No staking has started on these wallets. The sequence aligns with pre-deployment moves for validators.
Grayscale Ethereum Trust (ETHE) holds over 1.06 million ETH, valued above $4.8 billion at reported prices. In 2024, Grayscale also launched the Ethereum Mini Trust via a partial spin-off from ETHE. Both vehicles currently hold ETH without staking.
SEC staking guidance and Ethereum ETF staking
Recent SEC staking guidance narrowed issues around some liquid staking models. Staff language indicated certain setups may fall outside traditional securities categories. The statement remains guidance and depends on specific facts.
Even with guidance, Ethereum ETF staking needs explicit approval. Issuers must secure exchange and staff sign-offs before distributing staking rewards. That process covers custody, reward handling, and validator risk controls.
As of now, no US spot Ether ETF includes staking. Sponsors continue discussions on disclosures, operations, and safeguards. The SEC has not approved staking inside registered Ether products.
GDLC approval context: multi-asset ETP and Ethereum ETF staking
On September 17–18, 2025, the SEC approved Grayscale Digital Large Cap (GDLC). The product offers exposure to Bitcoin, Ether, XRP, Solana, and Cardano. It became the first US multi-crypto ETP of its kind.
That approval did not authorize Ethereum ETF staking. GDLC tracks multiple assets without validator operations or rewards. Therefore, staking remains a separate regulatory path.
The timing still matters for market context. A fresh GDLC approval shows evolving oversight for diversified crypto exposure. It coincides with visible preparation for Grayscale ETH staking.
Market data: Ether exchange reserves and analyst view
Ether exchange reserves hit a three-year low in early September. Estimates place reserves near 17.4 million ETH, down roughly 10.7 million ETH since September 2022. Trackers cite spot Ether ETF demand and corporate holdings as drivers.
Lower Ether exchange reserves reduce immediately available supply on venues. The trend has persisted through this year. It forms part of the backdrop for Ethereum ETF staking discussions.
Analyst Markus Thielen of 10x Research said staking for Ethereum ETFs could “dramatically reshape the market.” His comment addresses how yield can alter demand dynamics. The remark sits alongside current filings and onchain movements.
