A record 36 million ETH are dedicated to staking, representing about 30% of the total supply, beaconcha.in data show. At current prices, those tokens are worth $119.3 billion.
The surge comes as institutional players expand their stake in the network. Ether.fi, a restaking protocol known for its crypto-powered credit card, added 276,288 tokens in the past month toward security, while BitMine Immersion Technologies increased its total staked ETH from 659,219 to 1,256,083 tokens last week, a 90% climb.
Meanwhile, the entry queue stands at 2,348,580 ethereum tokens, making the current wait time to begin staking 40 days and 19 hours. Ether.fi CEO and cofounder Mike Silagadze told the outlet the increase in its staked Ethereum comes from institutional deposits, specifically from large family offices and SharpLink Gaming, the second-largest ethereum treasury firm. The native token for ethereum has seen over $38.5 billion in trading volume in the past 24 hours, with its price jumping more than 6% in that period.
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