Corporates and Exchanges Rush to Stake Ethereum Instead of Selling

In brief

• Roughly 3.4 million ETH is waiting to enter Ethereum’s validator set, creating one of the longest staking queues since the network transitioned to proof-of-stake.
• Anecdotal industry feedback suggests major corporates and exchanges are driving much of the demand as they seek yield on large crypto holdings.
• The backlog marks a sharp shift from late 2025, when the validator exit queue swelled to nearly 2.7 million ETH before steadily unwinding.