Ethereum staking queue hits a new high in 2023, with $9 billion worth of ETH waiting for activation—market signals behind the surge

The staking demand on the Ethereum PoS network continues to heat up. According to the latest news, the number of ETH waiting in line to join the Ethereum PoS network has now reached 3,068,886 ETH, worth approximately $8.98 billion, setting a new high in 2023. This figure has been steadily increasing since December 26, 2025, with an activation delay estimated at about 53 days and 7 hours. Meanwhile, the Ethereum staking exit queue has been completely cleared, indicating that market participants are currently almost not redeeming their staked ETH. This phenomenon reflects a continued optimistic outlook from institutions and large holders regarding Ethereum’s long-term development.

Why Is the Staking Demand So Strong?

Based on on-chain data, the main drivers of this staking boom come from Ethereum treasury companies like BitMine and institutional investors. BitMine has currently staked a total of 1,943,200 ETH, valued at about $5.69 billion, accounting for the majority of the queue. The large influx of these institutional participants indicates their confidence in the long-term value of the Ethereum ecosystem.

From a market perspective, related information shows that the proportion of ETH staked relative to supply has reached 47%, a record high. What does this number imply? On one hand, a large amount of ETH is locked in staking, reducing circulating supply in the market, which may support the price. On the other hand, it also reflects the attractiveness of staking yields to investors and a positive outlook on the security of the Ethereum network.

Implications of the Cleared Exit Queue

Typically, the staking exit queue and entry queue coexist. But currently, Ethereum’s exit queue has been cleared, which is a noteworthy signal:

• Market stability: No significant redemption pressure, indicating that stakers are confident in the current situation
• Liquidity availability: Stakers can almost immediately withdraw ETH, reducing risk concerns
• Unilateral demand: Almost all market pressure comes from entry demand, not exit demand

This unilateral entry pressure is uncommon in history and usually appears during periods of extreme market optimism for a particular asset.

What Does the Activation Delay Mean?

The 53 days and 7 hours activation delay means new stakers need to wait this long before they can start earning staking rewards. Under normal circumstances, this number would be shorter. The longer the delay, the stronger the queue demand and the more saturated the system’s processing capacity.

From a supply perspective, during this delay period, newly staked ETH is temporarily locked and cannot flow into the market, providing some short-term liquidity support.

The Deeper Logic Behind Institutional Deployment

The large-scale staking of ETH by BitMine and other treasury companies may be driven by:

• Stable yields: Relatively stable staking rewards, making it an ideal choice for long-term holders
• Ecosystem participation: Engaging in network validation to deepen their role within the Ethereum ecosystem
• Long-term optimism: Large-scale staking often reflects holders’ long-term bullish outlook
• Asset allocation: Seeking higher capital utilization efficiency within crypto assets

Summary

Ethereum’s staking queue reaching a new high essentially reflects increased market confidence in the long-term value of this blockchain. The large participation of institutions, the cleared exit queue, and the record-high staking ratio are all aligned signals. Although the market may face short-term volatility pressures (recent ETH price declines are noted), the staking data indicates that participants remain confident in Ethereum’s fundamentals. Moving forward, attention should be paid to how these queued ETH activations impact network security and ecosystem development, as well as whether the inclusion of staking functionality in the US spot ETH ETF will further stimulate demand.