39.2m ETH staked at all time high, 32.4% of supply locked, 260x more entering than exiting the queue. price down 30% YTD. this is not a supply shock setting up. this is a liquidity trap. stakers earning 3.65% on an asset losing 30% annually. real yield is negative 26%. ethereum L1 pulls in $3.1m/month from L2 blob fees while base alone sends $1m/month to coinbase shareholders. the value accrual layer moved up the stack and ETH holders are subsidizing coinbase's P&L from inside a 40 day exit queue