Ethereum staking queue reset: Institutional capital floods in after the all-time high

Months ago, the validator exit queue, which once reached 2.67 million ETH, has completely dissipated. This key data point marks a fundamental shift in the momentum of the Ethereum staking network. Unusually, the capital flowing into the entrance queue has expanded rapidly during the same period, reflecting a renewed recognition among market participants of ETH as an income-generating asset. According to the latest market data, the current trading price of Ethereum is approximately $2,760, while its previous all-time high was around $4,950. This price gap, combined with the staking frenzy, constitutes a market paradox worth in-depth analysis.

Exit pressure dissipates, validator structure reverses

According to data reported by Cointelegraph, the validator exit queue has experienced dramatic changes in recent months. The previous peak of 2.67 million ETH in autumn 2025 has now fallen to zero, contrasting sharply with the surge in the number of validators waiting to enter. The entrance queue has grown to 2.6 million ETH, reaching the highest level since mid-2023.

What does this structural reversal mean? When validators are eager to join the network rather than leave, it usually indicates strong confidence in the network’s future prospects. The current waiting time to enter has extended to 45 days, while pending exit requests can be processed within minutes. This asymmetry in processing speed reflects market psychology—no one is in a rush to leave.

Institutional capital’s concentrated entry changes supply and demand dynamics

Institutional investors have played a major role in the recent staking frenzy. Under the leadership of Chairman Том Ли, BitMine Immersion Technologies has contributed over 1.25 million ETH to the Ethereum network, representing more than one-third of the institution’s total ETH assets. Such large-scale entry not only demonstrates institutional assessment of ETH’s yield potential but also reflects the accelerated shift of traditional financial capital toward crypto asset yield tools.

The current annualized staking yield for Ethereum remains around 2.8%. In the context of a global low-interest environment, this yield offers substantial appeal to institutional investors seeking stable income. Compared to the threefold higher yields from a few years ago, which are now historical, a 2.8% APY still remains competitive in today’s interest rate environment.

Concentration of supply: a new variable in the ETH network

Latest statistics from on-chain analysis platform Santiment show that 46.5% of the total ETH supply is locked in proof-of-stake contracts, totaling 77.85 million ETH. At the current market price, this asset value is approximately $256 billion. Further data from Beaconcha.in indicates that the total staked ETH across the network is about 36.1 million, accounting for 29% of the total supply.

This highly concentrated supply lockup changes the market fundamentals. A large amount of ETH has been permanently removed from trading markets and entered into yield-generating channels. This shift not only affects the liquidity available for trading but also structurally alters the supply-demand relationship—seller pressure diminishes accordingly.

The opportunity implied by the gap between all-time high and current price

Onchain Foundation researcher Леон Уайтман pointed out that as validators in the entrance queue gradually become active, the overall staking rate of the network will continue to rise. Whenever this indicator hits new highs, it often signals an important turning point in the market cycle. According to CoinGecko, the current price of $2,760 is still 44% below the all-time high of $4,950 set in August 2025.

However, this price difference precisely reflects the market’s release of pessimism. From another perspective, the current price level coincides with a phase of heavy institutional entry, which may indicate a gradual correction of prices relative to fundamental indicators. Validator enthusiasm, supply lockup, institutional capital inflows—these metrics collectively paint a picture that does not match the current price.

Market participants generally observe that this phase shares similar characteristics with several important accumulation periods in history. When staking yields attract sufficient capital and exit pressure has dissipated, the network typically enters a relatively stable growth phase. From this perspective, ETH trading above the $300 level may already reflect the market’s anticipation of this new cycle.