Currently, the number of staked ETH waiting to join the Ethereum PoS network has surpassed 3 million, reaching a new high since July 2023; in stark contrast, the waiting queue for exiting staking has been completely cleared.
(Background: Bitmine bought another 35,268 ETH last week! Total holdings exceed 4.2 million ETH, with staking volume surging to 1.8 million ETH)
(Additional context: Is this a signal before Ethereum’s surge? Transaction volume hits a record high, but transaction fees are at an all-time low)

Table of Contents

• Staking ETH surpasses 3 million, waiting time extends
• Exit queue nearly zero, selling pressure remains low
• Institutional staking surge, BitMine’s movements attract the most attention

According to the latest data from validatorqueue.com, the number of staked ETH waiting to join the Ethereum PoS network has exceeded 3 million, hitting a new high since July 2023, indicating that market confidence in Ethereum staking continues to grow.

Staking ETH surpasses 3 million, waiting time lengthens

Data shows that approximately 3,068,886 ETH are currently waiting to be staked. Under the current churn limit of only 256 ETH allowed into the validator queue per epoch, the estimated activation waiting time for new stakers has extended to about 53 days and 7 hours, meaning it will take nearly two months to officially become an active validator.

This phenomenon reflects that a large amount of capital is queued to be locked into the Ethereum network, and also highlights that under the PoS mechanism, the pace of staking supply is strictly controlled, making it difficult to quickly absorb new demand in the short term.

Exit queue nearly zero, selling pressure remains low

In stark contrast to the booming queue for entry, the exit staking waiting queue has been completely cleared, indicating that there are almost no large-scale withdrawals of staked ETH in the market. Stakers tend to hold ETH long-term, with relatively limited short-term selling pressure.

Market participants generally believe that this structure demonstrates investors’ high confidence in Ethereum’s medium- to long-term value and network security.

Institutional staking surge, BitMine’s movements attract the most attention

The main drivers of this wave of staking influx are institutional investors and Ethereum treasury companies actively deploying. Among them, BitMine Immersion Technologies (stock code: BMNR) is particularly noteworthy.

According to the company’s announcements and on-chain data, BitMine has currently staked approximately 1,838,003 ETH. Based on recent prices, this is valued at about $5.9 billion, accounting for a significant proportion of its total ETH holdings (about 4.2 million ETH, roughly 3.48% of the total ETH supply). In just the past week, BitMine added over 580,000 ETH to staking, becoming one of the key forces driving the overall queue increase.

Overall, the full entry and zero exit situation is viewed by the market as a positive signal for Ethereum’s network security and long-term value. As more ETH is locked into staking contracts, circulating supply decreases, which helps support price stability and enhances the network’s decentralization and resistance to attacks. Whether this positive development will impact Ethereum’s price, we will remain patient and observe.