Ethereum staking and L2 growth do not equate to net demand

As of September 21, Ethereum's institutional data shows approximately $120 billion in staked ETH and $40.4 billion in total value locked across layer-2 networks. Analysts caution that these figures do not represent fresh capital inflows, as staking involves existing assets and L2 TVL measures held value rather than new demand. Additionally, US-traded spot Ethereum ETFs recorded net outflows exceeding $140 million between September 15 and 18, highlighting that staking balances and ETF flows reflect different investor behaviors.