The volume of Ether waiting to be staked has climbed to its highest point since 2023, as institutional investors and crypto treasury firms move to secure staking rewards on their holdings.
As of Tuesday, the Ethereum staking entry queue hit its peak since September 2023, with on-chain data showing 860,369 ETH—valued at roughly $3.7 billion—pending activation.
“This is quite remarkable, as we haven’t seen queues of this magnitude since 2023, when the Shanghai upgrade opened the door for withdrawals,” staking provider Everstake noted.
According to the firm, the surge in validator demand is driven by several factors, including growing confidence in the Ethereum network.
“More people trust Ethereum’s long-term value and want to participate in securing it.”
Everstake also pointed to favorable market conditions, with Ether’s rising price and historically low gas fees making staking both more appealing and accessible.
On top of that, institutional participation has accelerated, as “more companies and funds are joining Ethereum staking, committing larger sums to the network.”
Exit queue eases from record highs
The uptick in staking has helped calm recent concerns that a swelling exit queue might trigger heavy selling pressure after Ether’s all-time high on Aug. 24.
For the first time since July, the staking entry and exit queues nearly aligned after the exit queue hit a record of just over 1 million ETH on Aug. 29. Since then, it has retreated by 20%, signaling a slowdown in withdrawals.
Currently, 35.7 million ETH—valued at around $162 billion—is staked, representing 31% of the total supply, per data from Ultrasound.Money.
Corporate treasuries add ETH despite price dip
Ethereum treasury holdings continue to expand, with more than 70 participants collectively acquiring 4.7 million ETH, worth roughly $20.4 billion—close to 4% of the circulating supply—according to StrategicEtherReserve.
Most of these entities have already staked, or plan to stake, their holdings to capture additional yields, contributing to the recent buildup in the entry queue.
Meanwhile, Ether extended its pullback, slipping another 1.2% on the day to $4,321 at the time of writing. The token has now dropped 12.4% from its Aug. 24 peak as retail traders continue to lock in profits.
