Ethereum staking frenzy: 1.66 million tokens staked versus 32 tokens withdrawn, supply shock incoming

Ethereum’s PoS network is experiencing an unprecedented staking boom. According to the latest data, over 1.66 million ETH are queued to join the network, while only 32 have chosen to exit. What does this extreme imbalance reveal?

The Extreme Imbalance Behind the Data

Based on data from the validator queue tracking website validatorqueue, the current staking market shows a clear one-way flow:

This comparison is enough to illustrate the issue. The queue wait time for entry is nearly 29 days, indicating that staking demand has filled the entire validator queue. Meanwhile, exit only takes 1 minute, and almost no one is exiting, which means participants are highly optimistic about ETH’s long-term prospects.

Major Push by BitMine

The main driver of this staking wave is the mining giant BitMine. According to recent news, BitMine recently conducted a large-scale staking operation, depositing 28,000 ETH last week (approximately $9.116 million), bringing its total staked ETH to 520,864 ETH, worth $1.636 billion. Such institutional participation itself is a strong signal.

What does this imply?

From BitMine’s perspective, this isn’t short-term speculation. The staking of over 5.2 million ETH indicates:

• Large institutions are confident in ETH’s long-term value
• They are willing to lock assets into the PoS system for yields
• Even with a nearly 30-day activation delay, they are steadfastly queuing
• This contrasts with the overall market’s bearish sentiment, reflecting independent institutional judgment

Supply Shock Is Forming

The market significance of this phenomenon cannot be ignored. According to related information, on-chain data shows a large amount of ETH queued for staking, with only a small number exiting, creating a clear supply shock. In other words, a significant portion of ETH is locked in staking, reducing circulating supply, which theoretically supports the price.

From a temporal perspective, this support is sustainable. The 28-day activation delay means these ETH won’t flood into the network all at once but will gradually activate over the next month, maintaining long-term supply pressure.

Echoing Market Performance

Related news indicates that Ethereum’s performance in early 2026 has already surpassed Bitcoin, with ETH/BTC rising nearly 4% recently. This positive feedback loop is driven by active staking:

• Institutions are staking heavily due to confidence in ETH
• Staking causes a supply shock, supporting prices
• Rising prices attract more participants to stake
• The staking ecosystem’s yield data is impressive (e.g., SharpLink earned 438 ETH in rewards last week)

Summary

Ethereum’s staking market is undergoing a key transformation. The stark contrast of 1.66 million versus 32 is not accidental but reflects deep institutional recognition of ETH’s long-term value. Large players like BitMine participating massively, combined with staking demand far exceeding exits, is creating a sustained supply shock. Meanwhile, the activity within the staking ecosystem is reaching new heights. In the short term, this provides price support for ETH; in the long term, it indicates increasing attractiveness of Ethereum as a store of value and income-generating asset. The key questions moving forward are whether this staking boom can be sustained and what its long-term impact on ETH’s relative performance compared to Bitcoin will be.