CryptoSlate analysis indicates that despite approximately $120 billion in staked Ethereum network assets and a daily average total value locked (TVL) of $40.4 billion for Layer-2 (L2) networks (as of September 21), these figures do not fully reflect the true demand for Ethereum (ETH) or a reduction in its supply. The analysis suggests that staked ETH may originate from existing holders rather than new buying demand. Concurrently, between September 15 and 18, U.S. spot Ethereum ETFs experienced net outflows exceeding $140 million, signaling capital withdrawal from specific investment channels. Furthermore, there is a complex relationship between fees generated by L2 activity and ETH burn rates; not all L2 activity directly translates into a significant reduction in ETH supply, as the net change in ETH supply also depends on the issuance of new ETH.