The Ethereum (ETH) staking queue has reached a record high not seen since 2023 due to significant institutional demand and network confidence.
Historical Growth of the Staking Queue
Currently, approximately 860,369 ETH, valued at around $3.7 billion, is awaiting staking on the blockchain. This surge marks the largest backlog since September 2023 when behavioral changes were introduced following the Shanghai update, which allowed withdrawals.
Declining Exit Queue and Its Impact
The growing staking queue alleviates concerns that an expanded exit queue would trigger a significant ETH sell-off following its record high on August 24. Currently, the exit queue, which peaked at over 1 million ETH on August 29, has decreased by 20%.
Institutional Accumulation and Staking Activity
Corporate treasury funds have significantly increased their Ether holdings, collectively acquiring 4.7 million ETH, nearly 4% of ETH’s total supply. These assets, valued at around $20.4 billion, are managed by over 70 entities. Most of these institutional players are either staking their Ether or plan to do so to leverage additional yields, steadily raising the staking queue.
Thus, the dynamics of the Ethereum market reflect maturation, where institutional actors are playing an increasingly critical role, bolstering confidence and activity in the staking ecosystem.
