Recently, an interesting phenomenon has emerged in the Ethereum staking space. A U.S. publicly traded mining company announced that its staked Ethereum position reached 659,000 ETH, an amount equivalent to one-tenth of the total staked ETH on the network, which indeed attracted a lot of attention.

However, the problem is—after this number was released, no corresponding official data records could be found on-chain. There was no third-party audit endorsement, nor any traceable on-chain evidence. This situation is somewhat similar to traditional finance, where someone claims to have a huge asset in their account but refuses to provide bank statements.

From two perspectives: if the data is accurate, the staked ETH base would further expand, truly providing a more solid fundamental support for ETH's price. On-chain locked amounts have always been an important indicator of network security. Conversely, if subsequent verification reveals the data to be inflated, it falls into the old routine of traditional listed companies “beating earnings forecasts” that cannot be fulfilled—today’s positive news could very well turn into tomorrow’s negative trigger.

In the fully transparent world of crypto markets, any data from a single source that is not confirmed on-chain warrants appropriate caution. Verification is always much wiser than blind belief.