Ethereum Staking Entry Queue Hits Highest Level Since 2023

The Ethereum staking entry queue has climbed to its highest point in nearly a year, as institutional players and corporate treasury funds continue to increase their presence in the network. On Tuesday, onchain data showed 860,369 ETH, worth around $3.7 billion, waiting to be staked, the largest backlog since September 2023.

Staking protocol Everstake described the surge as a significant development for Ethereum, noting that queues of this size have not been seen since the Shanghai upgrade enabled withdrawals last year. 

“More people trust Ethereum’s long-term value and want to participate in securing it,” the firm said, pointing to a combination of growing network confidence, rising Ether prices, and relatively low gas fees as key drivers.

Institutional Interest Boosts Validator Queue

Institutional inflows have been a major factor in the growth of the staking queue. According to Everstake, more companies and funds are deploying large sums into staking as part of their treasury strategies, a trend that has helped push validator demand to new levels.

The rise in the entry queue has also helped ease concerns that large withdrawals could trigger volatility in the market. At the end of August, the staking exit queue spiked to an all-time high of just over 1 million ETH, raising fears of a mass sell-off. Since then, the exit queue has dropped by 20%, suggesting that unstaking activity is slowing.

Ethereum now has 35.7 million ETH staked, worth approximately $162 billion, which represents 31% of the total supply, according  to data from Ultrasound.Money.

Treasury Firms Continue to Accumulate Ethereum

Corporate treasuries are also playing a growing role in Ethereum staking momentum. Data from StrategicEtherReserve shows that more than 70 participants collectively hold 4.7 million ETH—around 4% of the entire supply—worth $20.4 billion. Many of these entities have already staked, or plan to stake, their holdings to capture yields, further contributing to the record entry queue.

Despite the positive trend for staking, Ether’s price has softened in recent days. At the time of writing, ETH is trading at $4,321 after falling 1.2% over the past 24 hours. The cryptocurrency has now declined 13% since hitting an all-time high on August 24, as profit-taking by retail investors continues to weigh on the market.