The soon-to-be-launched Shanghai Upgrade will make the locked Ethereum withdrawable, giving stakers the opportunity to gain access to their tokens. This massive sentiment in a whole new utility being attached to the Ethereum network is a major selling point that has likely helped push more Ether into the staking contract over the past few months.
In summary, Ethereum as an asset is not a security as the ongoing lawsuit proceeding between SEC and Ripple has shown, and despite the legal brawl, more users seem to be more interested in staking the coin at this time. Should this staking continue, the coin's scarcity will mount, and this can positively impact the price in the mid-to-long term.
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