Ethereum Staking Queue Hits $3.7B, Highest Level Since 2023

The Ethereum staking entry queue has surged to its highest level in nearly two years, reaching 860,369 ETH, worth approximately $3.7 billion, on Tuesday.

It marks the longest wait time since the Shanghai upgrade in 2023, which allowed for withdrawals and briefly triggered large-scale validator exits.

Institutional Influx Drives Renewed Confidence in Ethereum Staking: Everstake

According to staking protocol Everstake, the sudden rise reflects renewed confidence in Ethereum’s long-term potential and an influx of institutional capital.

“We haven’t seen queues of this size since 2023. It’s a strong signal that more people trust Ethereum and want to participate in securing it,” the firm noted.

The combination of rising Ether prices, currently hovering around $4,321, and relatively low gas fees has made staking more attractive to both retail users and corporate treasuries.

The increased staking activity also helps calm recent concerns about mass exits, which spiked when the staking exit queue briefly topped 1 million ETH on Aug. 29 before falling back by 20%.

Ethereum currently has 35.7 million ETH locked in staking contracts—around 31% of the total supply, according to Ultrasound.Money.

Notably, corporate treasury funds now hold 4.7 million ETH, worth over $20 billion, with the majority earmarked for staking.

StrategicEtherReserve data shows more than 70 treasury participants have already begun deploying long-term staking strategies.

The convergence of market conditions, price levels, and institutional involvement has pushed the staking entry and exit queues closer to balance for the first time since July.

That equilibrium suggests a healthier staking environment and growing demand for yield generation on Ethereum’s base layer.

While ETH has slipped 12.4% from its Aug. 24 all-time high, long-term holders appear to be undeterred. Instead of exiting, many are doubling down, waiting in line to earn yield on-chain.

Joseph Lubin Predicts 100x ETH Surge

Ethereum co-founder Joseph Lubin believes ETH could rally 100x or more over time, calling it Wall Street’s future infrastructure as TradFi shifts toward decentralized finance.

In an X post, Lubin said Ethereum will replace many siloed systems at institutions like JPMorgan and become the backbone for financial services, staking, and smart contract execution.

Backing the bullish stance of Fundstrat’s Tom Lee, Lubin stated he’s “100% aligned” with Lee’s view that Ethereum could flip Bitcoin in network value.

He compared the moment to 1971 when the U.S. dollar left the gold standard, signaling a tectonic shift in financial architecture led by Ethereum.

Lubin emphasized that ETH represents a new kind of virtual commodity — “decentralized trust” — that institutions will be forced to adopt.

He sees Ethereum’s decentralized rails powering everything from traditional finance operations to smart contract-based agreements, with massive upside as adoption scales globally.

Likewise, Lee has predicted that Ethereum will rally in the near term to $5,500, with an ambitious year-end target of $12,000.

During his August 26 guest appearance on the Amitis Investing program, Lee disclosed that institutional Wall Street sentiment toward Ethereum has shifted dramatically following the U.S. Senate’s passage of the GENIUS Stablecoin legislation.

Lee emphasized that Ethereum is the foundational blockchain infrastructure for traditional finance (TradFi), currently supporting over $145 billion in stablecoin supply.

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