The amount of Ether (ETH) locked in Ethereum's proof-of-stake Beacon Chain has reached a historic milestone, with over 36 million ETH now staked. This represents more than 30% of the network's total circulating supply, a significant increase from the previous peak of 29.54% set in July 2025. The staked ETH holds a market value exceeding $118 billion.
The validator ecosystem is robust, with approximately 900,000 active validators currently securing the network. Furthermore, the entry queue is swelling, with an additional 2.34 million ETH waiting to be staked—the highest level since 2023. In contrast, the validator exit queue remains near historic lows, indicating minimal selling pressure from existing stakers and a strong commitment to the network's security model.
Institutional participation is a primary driver of this recent growth. Treasury firm BitMine Immersion, chaired by Tom Lee, has rapidly expanded its stake, now holding over 4.17 million ETH (more than 3.45% of supply) with over 1.25 million ETH staked—nearly double its position from a week prior. The firm expects to generate up to $500 million annually in staking rewards.
The trend is further bolstered by financial products. Grayscale has begun distributing staking rewards to investors in its Ethereum ETFs, and Morgan Stanley has filed to launch a spot Ethereum ETF with a staking component, signaling asset managers' growing view of staking as integral to Ethereum exposure.
Liquid staking protocols continue to dominate, with Lido Finance accounting for roughly 24% of all staked ETH. The practice effectively removes a significant portion of ETH from the liquid market, tightening available supply. Despite Ethereum's supply becoming slightly inflationary, adding 1.3 million new tokens in the past year, this growth is largely offset by staking and accumulation in holding addresses, where over 25.8 million ETH is held off-market.
