ETHEREUM STAKING RECORDS NET GAINS, ENDING POST-JUNE OUTFLOW TREND

Ethereum’s staking queues have flipped for the first time in six months, with new deposits now exceeding withdrawals. The shift points to improving market sentiment, supported by increased staking activity from BitMine and growing optimism around Ethereum’s upcoming Pectra upgrade.

Entry Queue Expands as Exit Queue Shrinks

Data from the Ethereum Validator Queue shows a steady rise in the number of validators waiting to stake Ether, while the exit queue has continued to contract. A sizable amount of ETH is currently awaiting entry into staking, with estimated wait times approaching two weeks. In comparison, exit delays remain relatively short.

BITMINE INCREASES ETHEREUM HOLDINGS BEYOND 4M, APPROACHING 5% OF TOTAL SUPPLY

The reversal began over the weekend, when both queues briefly converged. Since then, staking inflows have accelerated, while exits have declined further.

Staking Shift Signals Changing Market Sentiment

Abdul, head of DeFi at layer-1 blockchain Monad, described the development as a historically significant signal. He noted that a strong rally followed a similar reversal in June in Ether’s price, which went on to reach record highs by late August. While ETH is now trading above its mid-2025 levels, the shift in staking behavior is still seen as a constructive sign.

Under Ethereum’s proof-of-stake model, validators must lock up Ether to help secure the network. As a result, staking trends are closely watched, as rising exits can indicate selling pressure, while growing deposits often reflect long-term confidence.

Exit Queue Acted as a Selling Indicator in 2025

According to Abdul, the validator exit queue has served as a reliable early indicator of selling pressure throughout 2025. He estimates that around 5% of Ethereum’s total supply has changed hands since July, including a large unstaking event by staking provider Kiln in September.

ETHEREUM STRUGGLES TO HOLD GAINS: PRICE TARGETS $2,600 AMID WEAK LOW-VOLUME BOUNCE

Kiln said it withdrew its validators as a precautionary step following an exploit involving digital asset platform SwissBorg.

BitMine Emerges as a Major ETH Accumulator

Abdul estimates that roughly 70% of the Ether unstaked since July was acquired by BitMine, which now controls about 3.4% of Ethereum’s total supply. Blockchain data tracked by Lookonchain reveals that BitMine staked a substantial amount of ETH over two days.

What Could Drive Staking Activity Next

If current trends continue, Abdul expects the validator exit queue could drop to zero by early January, potentially easing selling pressure and supporting more stable market conditions.

Analysts also point to broader factors behind the increase in staking, including rising demand from digital asset treasury firms. Expectations around Ethereum’s upcoming Pectra upgrade—which aims to streamline staking and increase validator limits—may also be contributing. In addition, DeFi deleveraging caused by higher borrowing costs and the unwinding of leveraged staking strategies may have influenced recent supply flows.

Conclusion

The shift in Ethereum’s staking queues marks a notable change in validator behavior as 2025 comes to an end. With staking inflows now outpacing exits, selling pressure appears to be easing while long-term confidence in the network is strengthening. Increased participation from large holders such as BitMine, alongside expectations around the Pectra upgrade, has helped improve overall sentiment.

If the current trend continues and the exit queue continues to decline, Ethereum could see more stable supply dynamics in the weeks ahead. While broader market conditions will still play a role, the return of net staking inflows suggests a more constructive outlook for Ethereum as it heads into the new year.