At a Glance
- 30% of all ETH is now staked, an all-time high of 36.2 million coins
- 2.7 million more ETH sits in the validator entry queue, the longest line since 2023
- Exit queue near zero as almost no one unstakes
- Why it matters: Less tradable supply can amplify price moves in either direction
Ethereum’s staking ratio has crossed 30% for the first time, locking up a record 36.2 million ETH-worth roughly $115 billion-and taking that collateral out of active circulation.
The milestone was flagged Monday by Token Terminal and quickly amplified by macro outlet Milk Road.
“ETH supply is getting intentionally harder to access,” Milk Road posted. “Staking just hit an all-time high, with millions of ETH now queued to be locked. That is being taken off exchanges and removed from active circulation. This is a long-term positive signal for price appreciation.”
Validator Queue Swells
The validator entry queue currently holds 2.7 million ETH, the largest backlog since 2023. At the same time, the exit queue has fallen to near zero, meaning validators are choosing to stay staked and continue earning the protocol’s ~2.8% annual yield, data from Ultrasound Money show.
Much of the incoming stake originates from institutional sources:
- Digital asset treasuries such as BitMine
- Exchange-traded funds that have added staking rewards
- Traditional finance players expanding crypto offerings
The official Ethereum X feed echoed the institutional angle Monday, claiming “Ethereum is the #1 choice for global financial institutions. Over the last few months, adoption has accelerated.” The post referenced a list compiled by Fundstrat’s Tom Lee highlighting 35 stories of institutions building on Ethereum.
Whale vs. Retail Dynamics
Nic Puckrin, CEO and co-founder of Coin Bureau, labeled the surge “a huge vote of confidence in Ethereum,” but warned against reading too much into the raw percentage.
“Staking measures coins, not conviction,” Puckrin said. “One whale staking a million ETH looks identical to a million believers staking one ETH each, but represents very different market dynamics.”
He added:
- A single large holder can exit faster than many small holders
- Liquid staking tokens can re-introduce tradable supply
- The identity and intent of stakers matters more than the headline figure
“So when you see ‘30% of ETH staked,’ the real question isn’t whether that is bullish. It’s who staked it, how liquid is it really, and how fast can it change its mind?”
Price Reaction Stalls
Despite the supply squeeze narrative, ETH has cooled since the weekend. The asset slid another 1% on Tuesday morning in Asia, dipping below $3,200, and is now down 5% from its weekend high.
Traders attribute the weakness to broader macro jitters rather than Ethereum-specific factors. Markets remain skittish over the latest escalation in Donald Trump’s global trade war, weighing on risk assets across the board.
Staking Environment by Numbers
| Metric | Value |
|---|---|
| ETH Staked | 36.2 million |
| % of Supply | 30% |
| USD Value | ~$115 billion |
| Entry Queue | 2.7 million ETH |
| Exit Queue | Near zero |
| Annual Yield | ~2.8% |
Key Takeaways
- Institutional flow is driving the current queue surge, not retail FOMO
- Low exit queue shows stakers are content with yield and outlook
- Reduced liquid supply can exaggerate price swings in either direction
- Macro headwinds, not Ethereum fundamentals, are capping near-term price action
The staking ratio will likely keep climbing as more ETFs and treasuries allocate to ETH with staking enabled, but the real test will come when macro sentiment shifts and large holders decide whether to cash out or stay locked in.
