The supply structure of Ethereum is undergoing a fundamental change. According to ValidatorQueue data, over 36 million ETH have been staked, accounting for approximately 30% of the circulating supply, with a total value of about $118 billion. More importantly, the queue waiting to be staked is very long, while the exit queue is almost empty, indicating that this trend is still strengthening. This large-scale "illiquidity" means that the supply of freely tradable ETH in the market continues to tighten. When demand rebounds, a significant liquidity shortage could become a powerful driver for price increases. This structural change is one of the core reasons why many analysts remain optimistic about Ethereum's medium- to long-term prospects.