Staking demand has also tightened validator entry capacity. Beaconcha. in indicates an entry queue above 4.08 million ETH, with an estimated wait of nearly 70 days. The exit queue sits far lower, around 267,630 ETH, with about a one-day wait.
Large treasuries and issuers have added to the debate. Bitmine Immersion Technologies reported holdings of about 4.37 million ETH and said it has staked about 3.04 million ETH.
A separate filing also outlined a proposed exchange-traded product: BlackRock’s planned iShares Staked Ethereum Trust ETF. The registration materials describe staking most assets and paying an 18% cut of gross staking income to Coinbase as execution agent, alongside sponsor fees.