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Ethereum’s staking data has triggered fresh debate over what “50% staked” means. Santiment reported that 50.18% of all ETH issued historically has passed through Ethereum’s proof-of-stake deposit contract, or about 80.95 million ETH.
Market analysts cited that trackers show a different number for ETH that actively secures the network. Validator dashboards put active staked ETH near 37 million, which equals about 30%–31% of the current supply near 120.69 million ETH.
Ethereum routes new staking deposits through a single deposit contract. That contract works as the required entry point for validators. As a result, its balance captures cumulative inflows over time.
Since April 12, 2023, validators have had a clear exit path. The Shanghai/Capella upgrade enabled staking withdrawals. Withdrawals return ETH to execution-layer addresses, so the deposit contract balance does not shrink in step with exits.
That design creates two different “staking” figures. The deposit contract balance can show how much ETH has ever entered the system. Active staking metrics show how much ETH currently sits in validator effective balances. Those numbers can move in different directions.
Recent data shows strong staking demand even during weak price action. Validator queue trackers show millions of ETH waiting to enter staking, and the estimated wait has stretched into weeks. This queue reflects new deposits that validators plan to activate.
At the same time, exit pressure looks smaller in current queue snapshots. Shorter withdrawal waits suggest that fewer validators line up to leave than to join. That mix supports steady growth in active validator participation.
Large holders have also influenced the entry flow. Reports tied recent validator growth to big pools and treasury-style holders that stake for yield. Analysts have warned that concentration among large participants can shape queue dynamics and validator growth rates.
Active staking currently sits at 37 million ETH based on effective balances. Using a total supply of 120.69 million ETH, staking represents roughly 31% of the supply. This measure aligns more closely with “ETH currently locked for validation.”
The deposit-contract milestone uses a different lens. It compares cumulative ETH that has flowed into the deposit contract to a historical issuance baseline. That approach can produce a “50%” headline even when active staking remains near 30%.
In the near term, ETH has not tracked the headline metric. Spot quotes have kept Ethereum price under the $2,000 level on some major exchanges, despite rising staking participation. This gap highlights how market price can respond to many factors beyond stakeholder flows.
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Staking demand has also tightened validator entry capacity. Beaconcha. in indicates an entry queue above 4.08 million ETH, with an estimated wait of nearly 70 days. The exit queue sits far lower, around 267,630 ETH, with about a one-day wait.
Large treasuries and issuers have added to the debate. Bitmine Immersion Technologies reported holdings of about 4.37 million ETH and said it has staked about 3.04 million ETH.
A separate filing also outlined a proposed exchange-traded product: BlackRock’s planned iShares Staked Ethereum Trust ETF. The registration materials describe staking most assets and paying an 18% cut of gross staking income to Coinbase as execution agent, alongside sponsor fees.
