Staking exit queue cleared, 1.18 million ETH queued to enter, supply-side contraction is changing the Ethereum landscape

An interesting reversal phenomenon has emerged in the Ethereum staking system. According to the latest monitoring data, the current PoS withdrawal queue has been completely cleared, with no addresses choosing to redeem staked ETH. Meanwhile, the queue for entering staking has surged significantly, with over 1,186,000 ETH waiting to stake across the network. The main driver behind this is large-scale staking by BitMine — the organization has deposited approximately 768,000 ETH in the past 10 days, accounting for 65% of the total ETH in the queue. This “more inflow, less outflow” contrast is quietly changing Ethereum’s supply structure.

Systemic Freezing on the Supply Side

What does the reversal of the staking queue mean?

The clearing of the withdrawal queue is a key signal. It indicates that, at this moment, large holders are not choosing to exit, and bullish market sentiment is prevailing. Meanwhile, the surge in the entry queue reflects that institutions and major holders are actively locking in ETH liquidity in exchange for long-term staking yields.

According to data, ETH is currently priced at $3,217.30, with a 24-hour increase of 2.01% and a 7-day increase of 9.56%. In this upward trend, stakers choosing to freeze assets rather than sell indicates a clear expectation of ETH’s medium-term trajectory.

BitMine’s Major Move

BitMine is playing a dominant role in this staking wave. Depositing 768,000 ETH in 10 days is not a sporadic move but a systematic asset allocation decision. According to related reports, BitMine’s total holdings have exceeded 4 million ETH, roughly 3.4% of the total supply on the network.

This level of holdings and staking behavior has several characteristics:

• Proactively relinquishing liquidity, shifting toward long-term locking
• Earning approximately 4.5% annualized network yield through staking
• Using holdings to boost the company’s stock price, thereby gaining financing space and forming a capital cycle
• Demonstrating a deep recognition of Ethereum’s infrastructure value

Chain Reaction of Liquidity Contraction

Circulating supply is shrinking rapidly

Every ETH staked is a direct freeze of market liquidity. When 1,186,000 ETH are queued for staking, it means that over a million ETH will be locked in staking contracts soon, unable to flow into the secondary market.

Data shows that institutional and reserve holdings now account for 10.74% of ETH supply, a concentration level that is quite high historically. As BitMine continues to increase its staking, this ratio is expected to rise further.

Market Implications of Supply Contraction

With demand remaining stable or even growing, supply-side contraction often provides price support. This is a fundamental economic principle and a structural change that institutional investors value most.

Related data indicates that ETH’s market cap has reached $38.831 billion, with a market share of 12.12%. On this base, structural changes on the supply side can generate multiplier effects.

Deep Structural Changes in the Market

Increasing Institutional Concentration

The core of this staking wave is the systematic entry of institutional capital. Companies like BitMine and SharpLink are acquiring ETH through PIPE financing and staking it, combining on-chain yields with traditional stock market valuations. This model is gradually changing ETH’s ownership structure—from dispersed individual holdings to institutional concentration.

New Yield Flywheel

Reports suggest that strategic reserve companies have built a new “hold→stake→earn” flywheel. Holding ETH can boost stock prices, which in turn provides more financing space, creating a capital cycle. This model has already shown initial results in 2025 and may accelerate further in 2026.

Summary

This reversal in Ethereum’s staking system reflects more than short-term market sentiment; it indicates systemic changes on the supply side. The clearing of the withdrawal queue signals bullishness, while the surge in the entry queue shows active locking by institutions. When over 1 million ETH are frozen in staking contracts, the contraction of circulating supply has become an objective market reality.

Such structural changes typically support prices in the medium term. Reports mention that analysts’ expectations for ETH’s “catch-up explosion” in 2026 are rising, and large-scale staking by institutions like BitMine is the most direct reflection of this outlook. In the short term, attention should be paid to how staking progress affects liquidity, but from a medium-term perspective, supply-side contraction is reshaping ETH’s supply-demand dynamics.