2.17 million ETH queued for activation hits a new high; why does institutional staking enthusiasm continue to soar?

The validator queue on the Ethereum PoS network is experiencing rare congestion. According to the latest data, the number of ETH waiting to be activated has surpassed 2.17 million, worth approximately $6.74 billion, with an expected activation delay of up to 37 days and 16 hours. This figure has hit a new all-time high, primarily driven by large-scale staking operations by institutional investor BitMine.

Validator Queue Hits Record High, Large Disparity Between Entry and Exit

The data on the validator queue shows a stark contrast. On one hand, the number of ETH waiting to join the network continues to rise to 2,170,452; on the other hand, the ETH choosing to exit is only 11,063, less than 0.5% of the entry queue.

What does this huge disparity indicate? Institutional investors and others have a much stronger demand for staking ETH than for exiting. The short waiting time in the exit queue, compared to the 37-day wait for entry, clearly reflects the market’s ongoing enthusiasm for ETH staking.

BitMine’s Large-Scale Staking Shows Long-Term Confidence

According to relevant reports, BitMine Immersion Technologies has been a key driver of this staking surge. The institution recently staked over 1.08 million ETH, approximately $3.3 billion, and has added 86,400 ETH just recently.

At the current annualized yield of 2.81%, BitMine’s annual staking income is about $94.4 million. This figure demonstrates that institutional investors have already regarded Ethereum staking as a stable source of income. BitMine’s large-scale operation indicates that institutions remain optimistic about Ethereum’s long-term prospects and are willing to lock in substantial funds for steady returns.

Ecological Significance Behind Queue Congestion

The congestion in the validator queue actually reflects the operational characteristics of Ethereum’s PoS mechanism. To maintain security and stability, the network imposes activation speed limits on new validators, leading to a backlog of staking demand. The current 37-day activation delay may seem long, but from an ecological perspective, it shows that the network is strictly controlling the rate at which validators enter, ensuring system security.

From another angle, the large number of ETH waiting to be activated also indicates that Ethereum’s staking ecosystem is still expanding. Both institutional and individual investors continue to invest funds into the PoS network. This ongoing capital inflow benefits network security, as more staking increases the economic cost of attacking the network.

Summary

The new high in the Ethereum PoS validator queue reflects several key facts: strong demand from institutional investors for staking yields, sustained long-term attractiveness of Ethereum, and increasing market investment in network security. While large-scale staking operations by institutions like BitMine have caused queue congestion, ecologically, this underscores Ethereum’s continued status as a leading public chain. If staking demand continues to grow, Ethereum may need to further optimize validator activation mechanisms to alleviate queue pressure.