Bitwise just dropped a fresh report showing Ethereum closed out Q3 holding 43.8 million ETH staked, hitting nearly 36% of the whole supply after almost 2 million tokens flooded in during those three months. 💀 Even tho this marks the sixth straight quarter of growth here, the annualized staking yield keeps sliding down from 2.81% to 2.63%.
Staking Keeps Going Strong 🖤
What’s super interesting is what happened right after Q3 wrapped. Beaconcha.in rn shows around 1.39 million ETH chilling in the deposit queue, with waits stretching past 24 days. 🕸️ The exit queue sits way lower at just 39,000 tokens tho. This gap screams that demand to jump into staking stays way stronger than any urge to bail, even as network yields dip toward 2.6%. Just over a year back the exit numbers looked totally different when that queue exploded. Bitwise said institutional players like staking ETFs and corporate treasuries drove most of this year’s inflows, with big names like BitMine now holding over 5 million staked ETH, about 84% of their treasury. 🌑 At roughly 2.6% yield their chairman Tom Lee expects over $300 million in annual gains.
Chasing More Than Just Yield? 🌙
Bitwise estimates over 96% of Ethereum staking rewards still come from fresh ETH issuance, with tips and MEV barely adding anything. 🦇 Network revenues dropped to 40.6 million in Q3 from 63 million the quarter before. This staking boom raises a real question tho: how much ETH can stay locked profitably before yields and issuance start hurting? Ethereum devs have tossed around ideas to slow the growth, like the recent EIP-8361 plan that tweaks incentives as staking nears 50% of supply. 👁️ For now holders seem cool with lower yields to keep their stash locked, and with 1.4 million tokens still queued the hunger looks far from gone. 🩸
Just another echo from the void by iconofsin.eth 💖
