On-chain data shows that institutional traders and crypto custodians are vying for rewards on their held assets, driving the amount of Ethereum waiting to be staked to its highest level since 2023.
On Tuesday, the Ethereum staking queue reached its highest point since September 2023, with on-chain data indicating that 860,369 ETH, worth approximately $3.7 billion, is waiting to be staked.
According to the staking protocol Everstake, "Frankly, this is very remarkable. We have not seen such a scale of queuing since the Shanghai upgrade in 2023 allowed withdrawals."
The company stated that the growth in the validator queue is driven by multiple factors, including increased confidence in the network.
Everstake also noted that the rise in Ethereum (ETH) prices and historically low Gas fees have made staking more attractive and easier for users to participate.
Additionally, institutional interest has surged, with "more companies and funds participating in Ethereum staking, bringing larger capital inflows on-chain."
The growth in staking has alleviated recent concerns that a surge in the withdrawal queue following the asset's all-time high on August 24 could trigger a massive sell-off.
On August 29, the withdrawal queue hit a historical high of over 1 million ETH. Since July, the inflow and outflow of staking have nearly been balanced for the first time. Subsequently, the withdrawal queue dropped by 20%, indicating a slowdown in the pace of Ethereum withdrawals.
Data from Ultrasound.Money shows that 35.7 million ETH have been staked on the blockchain, worth approximately $162 billion, accounting for 31% of the total supply.
Data from StrategicEtherReserve indicates that the total amount of Ethereum corporate treasuries continues to increase, with 4.7 million ETH now held, accounting for about 4% of the total supply, worth approximately $20.4 billion, purchased by over 70 participants.
Most of these institutions have either staked or are about to stake the asset to earn additional yields, driving the increase in staking queue volume in recent weeks.
Meanwhile, as of the time of writing, Ethereum (ETH) has dropped another 1.2% today, trading at $4,321.
Since hitting an all-time high on August 24, Ethereum has fallen a cumulative 12.4%, primarily due to retail traders continuously taking profits.
Related: Bitmine currently holds 1.86 million ETH, accounting for approximately 1.55% of the total Ethereum supply.
Original article: “Ethereum (ETH) Staking Queue Hits Two-Year High, Institutions Continue to Accumulate”
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