Analysis: Institutional Accumulation Drives Ethereum Staking Pending Queue to Highest Level in Two Years

ChainCatcher news, according to Cointelegraph, the amount of Ethereum pending for staking has surged to its highest level since 2023, as institutional traders and crypto savings firms seek to earn rewards on their holdings.

On Tuesday, the Ethereum staking entry queue reached its highest level since September 2023. On-chain data shows that 860,369 Ethereum (worth about $3.7 billion) are waiting to be staked. After the staking exit queue hit a record high of just over 1 million ETH, the entry and exit queues nearly reached balance for the first time, and then the exit queue dropped by 20%, indicating a slowdown in the pace of Ethereum withdrawals. According to Ultrasound.Money data, 35.7 million ETH have already been staked on the blockchain, worth about $162 billion, accounting for 31% of the total supply.