Ethereum staking participation has reached a record 36.32% of circulating supply despite declining ETH prices. According to CryptoQuant contributor Pelin Ay, the rising share of locked tokens suggests continued participation from long-term holders, although weaker short-term inflows complicate the outlook.
Nearly 44.5 million ETH is now staked, compared with 42.1 million in mid-August, when the staking ratio stood near 34.5%. The proportion has increased nearly 4.32 percentage points since May, according to CryptoQuant's analysis.
Staking commits ETH to validators securing the blockchain and earning rewards. It temporarily reduces immediately tradable supply, but holders can eventually withdraw their assets.
Ethereum's entry queue contained 911,519 ETH, representing an estimated wait of 16 days and 10 hours. Meanwhile, 269,951 ETH awaited withdrawal, with an estimated five-day, 14-hour exit queue plus a 6,9 day sweep delay.
Both queues operate under a churn limit of 256 per epoch. Although incoming deposits substantially exceed pending exits, total staking inflows have declined 40.11%, suggesting slower recent participation.
BitMine held approximately 6.07 million ETH as of November 8, including 5.22 million staked tokens. The company reported USD 121.4 million from staking and validation activities, representing approximately 97% of its revenue.
It estimated annual staking rewards of USD 309 million using a 2.65% yield and an ETH price of USD 2,234. SharpLink separately reported accumulating 31,363 ETH in staking rewards by November 9 and uses Lido's liquid staking infrastructure.
Active validators fell from approximately 912,000 in September to around 807,000, even as the quantity of staked ETH increased. Meanwhile, ETH traded near USD 2,042.94, down approximately 15.5% over seven days after losing the USD 2,250 support level.
According to Ay, increased staking may restrict liquid supply, potentially cushioning prices if demand stabilizes. However, staked tokens are not permanently unavailable, and withdrawals can increase selling pressure. The divergence between record staking participation and falling prices highlights continued network commitment without guaranteeing immediate market recovery.
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