Dylan Grabowski attributes the staking surge to rising demand from digital asset treasury firms.
For the first time in six months, Ethereum’s staking queue has turned positive. Incoming ETH now outweighs withdrawals by almost two to one.
According to the latest data from the Ethereum Validator Queue, approximately 745,000-746,000 ETH is now waiting to enter the validator set, compared with roughly 360,000 ETH in the exit queue.
This means nearly twice as much ETH is being lined up to stake as to withdraw, signaling a marked increase in staking demand relative to outflows.
Over the weekend, both queues hovered around 460,000 ETH; after that, the entry line picked up speed, with analysts warning the exit queue may soon hit zero at the current pace.
Abdul, who heads DeFi at Monad, described the change as historically significant, referencing a June reversal that saw Ether’s price double. He contended that he expects a rather dramatic 2026. Back in June, ETH was trading around $2,800 before hitting a record high of $4,946 in late August, though it’s now hovering near $3,000.
Ethereum relies on proof-of-stake, meaning validators must stake ETH to help secure the blockchain. Rising exits suggest selling, whereas increased staking signals confidence and lower near-term supply.
For starters, Abdul said the exit queue has served as a leading indicator of selling pressure in 2025. According to his estimates, 5% of all Ether has changed hands since July, largely due to Kiln’s September unstaking, with BitMine taking in about 70% of that ETH, thereby gaining a 3.4% share of the total supply.
In September, Kiln had initiated a controlled withdrawal of its validators after an exploit at the digital asset platform SwissBorg. The firm defended its action, stating that it was more of a precaution rather than a sign of lost confidence in Ethereum.
Abdul suggested that at the current pace, the exit queue might be empty by January 3, possibly diminishing the selling pressure on the market and bringing a little more stability.
Some in the crypto space, including Dylan Grabowski, host of the Smart Economy Podcast, attribute the staking surge to rising demand from digital asset treasury firms. BitMine, for example, staked over 342,000 ETH — roughly $1 billion — within just two days, according to Lookchain data.
Others, including Ignas, the pseudonymous co-founder of DeFi Creator Studio Pink Brains, also cited additional reasons for the boom, including Ethereum’s Pectra upgrade, which aims to make staking easier and extend limits on validators to accommodate large investors. Ignas also said that higher borrowing rates and the unwinding of leveraged staking in DeFi could have further shifted supply flows.
Earlier this month, BlackRock filed for a staked Ethereum ETF, a big step toward mainstream staking exposure. The Securities & Exchange Commission (SEC) review is underway; however, a formal approval timeline will begin after the listing exchange files a Form 19b-4. The firm had alluded to iShares Ethereum Staking Trust (ETHB) via a Delaware-registered name in November, but no formal SEC application was made at the time.
Before that, the firm and other issuers had formed the iShares Ethereum Trust (ETHA) in July 2024. However, at the time, Gary Gensler — the leading figure at this agency — was alleged by many to have demanded the removal of staking components due to potential unregistered securities issues posed by platforms such as Kraken and Coinbase.
